Malawi issues Regulations on Suppression of Terrorist Financing and Proliferation

The Malawi Government has issued the Financial Crimes Regulations on Suppression of Terrorist Financing and Proliferation. This was done by the Minister of Finance, Economic Planning and Development, Honourable Dr. Goodall Gondwe, on 17 February 2017. The Regulations have been issued following the enactment of the Financial Crimes Act by the Parliament earlier this month.

The Regulations establish a National Counter-Terrorism Panel with membership from 9 public sector institutions in which the Chairperson is the Director General of the National Intelligence Service and the Secretary is the Director General of the Financial Intelligence Authority.

The main role of the National Counter-Terrorism Panel is to facilitate implementation of the United Nations Security Council Resolutions (UNSCRs) 1267, 1373, 1718, 1737 and 1988 and all successor Resolutions relating to the suppression of terrorist financing and the prevention, suppression, distribution, financing or dealing with weapons of mass destruction and other related Resolutions.

The Panel is also mandated to develop a Domestic List of designated persons.

Under Regulation 12, all financial institutions in Malawi are required to develop and implement a system to facilitate review of the UN Consolidated List and the Domestic List prior to carrying out any transaction with customers or on-boarding the customers for an ongoing business relationship in order to mitigate money laundering and terrorist financing risks.

The Regulations can be accessed here ....

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