Financial Intelligence Authority-Malawi

The Financial Intelligence Authority is the principal national agency of the Malawi Government with the mandate to prevent and combat financial crimes. The FIA was established by the Financial Crimes Act, 2017. Section 3 (3) of the FCA gives the FIA autonomy to carry out its functions without being subject to the direction, control or influence from any other person, authority or entity. The functions of the FIA, as provided for under Section 4 of the FCA, include: 1. Request, receive and analyze reports submitted by reporting institutions 2. Report to relevant enforcement and supervisory authorities when the FIA determines that there is an element of any offence under the FCA 3. Creating a database of statistics and records on financial crimes 4. Conducting research into trends, techniques, and developments on financial crimes in order to improve their detection, prevention and deterrence. 5. Cooperating with local and international institutions, organizations or institutions on dealing with financial crime. The FCA further gives powers to the FIA to, among others: 1. Conduct investigations on financial transactions under analysis at FIA 2. Request information from any person on particular matters 3. Issue, in writing, instructions, directions, directives, guidelines or rules to reporting institutions 4. Conduct compliance inspections of reporting institutions