During the Financial Services Lawyers Conference in Mangochi, which the central bank organised in collaboration with the Malawi Law Society (MLS), it was revealed that the Reserve Bank of Malawi (RBM) has said it is investigating over 11 multinational companies and individuals for possible transfer pricing.

According to RBM Deputy Governor, Grant Kabango the companies are suspected to be externalising agricultural produce and products by under-declaring sale prices and concealing amount of foreign currency expected to be received by the country. “We believe that the rest of the funds are being returned outside the country, thus defrauding the country of its export proceeds. The total amount suspected under this criminal activity has not yet been quantified but is estimated to be in billions of Malawi kwacha,” Kabango said, adding that legal support is paramount in curbing financial crimes, hence, the lawyers’ conference.

On the other hand, 18 counties that are members of the Council for Ministers of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) have approved Malawi’s Mutual Evaluation Report on implementation of Financial Action Taskforce (FATF) recommendations aimed at combating financial crimes.

The Director of Financial Intelligence Authority (FIA)  Atuweni Agbermodji has commended the Malawi Government’s commitment to combating money laundering, terrorist financing, financing of proliferation of weapons of mass destruction and other financial crimes, as presented in the report.