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Reserve Bank of Malawi drills lawyers on financial laws

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The Reserve Bank of Malawi’s (RBM) on Friday engaged financial services lawyers in a quest to raise awareness on recently established financial laws in the country.

This is expected to help enhance compliance to financial services laws in financial institutions.

The conference which took place in Mangochi District discussed microfinance regulation, pension regulation, development finance, Money Laundering and crypto currencies.

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RBM General Counsel and Bank Secretary, George Chioza, said such initiatives have been going on since 2017 and the central bank has seen a significant response in compliance with the laws.

“Most of the gaps had to do with implementation because if a financial institution is not aware of a law, then they would be implementing something completely different.

“The major issues had to do with compliance not necessarily because they chose not to complying but, in most cases, because they were not aware of the law in that specific area,” Chioza said.

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Malawi Law Society (MLS) vice president, Patrick Mpaka, said the interaction was necessary as issues regarding finance are dynamic.

Justice of Appeal Anaclet Chipeta, who delivered a keynote address at the meeting, said the country has made strides in passing a legislations targeting the financial sector.

“This is the best way in making sure that our economy is growing in the right direction. it has to be supervised under law and the partnership between RBM and MLS is very important in that regard,” Chipeta said

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