K30bn Under Investigation in Financial Crimes-RBM

Reserve Bank of Malawi RBM has disclosed that 30 billion kwacha is being investigated in financial crimes.

RBM deputy governor Grant Kabango almost 10 companies and individuals are involved in the crimes which range from externalization of foreign currency and transfer pricing.

Kabango has disclosed this during financial services lawyers conference at Nkopola Lodge in Mangochi which is being held under the theme “financial crimes in the digital era: the main perspective”

He said financial crime which is claiming the country’s billions continues to rise.

“So far the bank has successfully prosecuted cases of illegal currency externalization amounting to 587.7 million kwacha,” Kadango said

He pointed out the need for the review of financial laws which he said are weak hence failure to take to task the culprits.

In his remarks vice president of Malawi Law Society Patrick Mpaka said the conference will help them to update their financial knowledge with regards to the laws.