Criminals in Africa are increasingly using cross-border trade to transform the financial proceeds of their illegal activities into revenues that seem legitimate, in a process known as trade-based money laundering (TBML).
Such schemes vary in complexity but typically they usually involve misrepresentation of the price, quantity, or quality of imports or exports. Law enforcement agencies in Africa are paying more attention to this problem, while banks and other financial agencies continue to revise their anti-money laundering (AML) policies and procedures to take account of this growing threat.
AGA Africa Alliance Partnership in collaboration with the Financial Intelligence Authority held a 2-day Trade Based Money Laundering workshop on 16th – 17th September in Blantyre, Malawi in an effort to combat money laundering crimes in Africa. The workshop brought together participants from Malawi Revenue Authority, Fiscal and Fraud Unit of the Malawi Police Service, Anti-Corruption Bureau, Financial Intelligence Authority, Director of Public Prosecutions and Reserve Bank of Malawi.
The workshop was aimed at building the capacity of law enforcement agencies to detect, investigate and prosecute trade based illicit activities and enhance knowledge and awareness on the risks trade-based money laundering pose in the country.
The workshop was graced by Mr. Steve Kajombo, Director of Tax Investigations on behalf of Mr. Thom Malata, Commissioner General, Malawi Revenue Authority (MRA), Mrs. Atuweni Juwayeyi-Agbermodji, Director General, Financial Intelligence Authority (FIA) and Mr. Chukukere Unamba-Oparah, AGA AAP programme Director. The TBML sessions were led by AGA AAP seasoned facilitator Dr. Álvaro Días Huizar, National Legal Coordinator, CNIPN, Mrs. Mercy Buku, AML/CFT Legal and Risk Management Consultant and FIA experts, Ms. Merium Sodala Chithila, Operations Analysis Manager and Mr. John A.B. Minofu, financial analyst at FIA.