By Pemphero Malimba:
The Financial Intelligence Authority (FIA) has said that the full operationalisation of the Confiscation Fund is pending the gazetting of regulations designed to enforce its implementation.
FIA Senior Public Relations Officer Patience Lunda shared this information with The Daily Times Tuesday.
Last month, President Lazarus Chakwera assented to the Financial Crimes Amendment Bill of 2025, which was recently passed in Parliament.
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Among other provisions, the bill proposed to improve the use of the Confiscation Fund by expanding its scope to include compensation for direct victims of financial crimes and funding initiatives that enhance the investigation and prosecution of financial crimes and asset recovery, among others.
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The new law also imposes additional responsibilities on financial institutions licensed under the Financial Services Act to retain accurate originator and beneficiary information when making electronic funds transfers.
Furthermore, the bill seeks to refine the definition of “competent authority” by adding new institutions, such as the Malawi Gaming and Lotteries Authority, to the list of competent authorities.
Lunda said that the drafting of the regulations has been concluded and that they are now ready for gazetting.
“The financial crimes (confiscation fund) regulations are at an advanced stage, with technical drafting completed.
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“The regulations will now be published in the Gazette Notice at any time, following direction from the Ministry of Finance and Economic Affairs,” she said.
Lunda added that the regulations would help establish a committee to facilitate the operationalisation of the Fund.
FIA manages the Confiscation Fund on behalf of the Minister of Finance and Economic Affairs.
The Fund contains money confiscated by the police, the Anti-Corruption Bureau, the Directorate of Public Prosecutions and other authorities.
Currently, the Fund holds over K3 billion.
Recently, economic expert Velli Nyirongo told Times that the operationalisation of the Fund is urgent.
“The Fund is not merely a repository for seized assets; it is a strategic tool for restoring integrity to public finances, deterring would-be offenders, and providing restitution to those directly harmed by economic crimes,” Nyirongo said.
