FIA ready to intensify enforcement of Financial Crimes Act

Financial Intelligence Authority (FIA) says it has enough capacity to track and monitor compliance of Financial Crimes Act.

In May this year the Authority established new regulations and penalties on financial institution that will not comply with the financial crimes act.

Speaking to YFM, Spokesperson for the Authority Masautso Ebele said they have the required resources to enforce existing laws against money laundering and other financial crimes.

“We have a good working relationship with financial institutions such as banks and insurance companies as well as enough resources to enable us work effectively,” said Ebele.

Meanwhile, the National Anti Corruption Alliance has dismissed fears that the current fines for not complying with the act are not hard enough to deal with financial related crimes.

Chairperson for the Alliance Moses Mkandawire said punishments for such crimes depend on the gravity of the offence.

Sometimes the law is set like that so that it balances between those that have enough resources and those with limited resources and normally they put a minimum figure but there is still a need for consented efforts by stakeholders,” said Mkandawire.

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