By Timothy Peter
Forum for National Development (FND) has given the Reserve Bank of Malawi (RBM) seven days to suspend operations of Victoria Forex Bureau to allow investigations into allegations bordering on money laundering and foreign exchange externalization.
This follows a report by the Platform for Investigative Journalism (PIJ) which disclosed the alleged involvement of the Bureau into such malpractices.
In a statement released on Friday, FND National Coordinator, Fryson Chodzi, said the allegations are very serious hence the call for action.
Chodzi demanded Financial Intelligence Authority (FIA) to act based on their mandate on the owners of stated Bureau and the people implicated on the issue.
The PIJ report disclosed that Zubair Osman who runs Victoria Forex Bureau has been allegedly using the bureau to pull out millions of US Dollars from local banks and cover his illicit transfers helping his clients to buy properties in United Kingdom, Dubai, Pakistan, Hong Kong and China.
However, in the twist of events, lawyers representing Victoria Forex Bureau obtained an injunction stopping PIJ to stop reporting on the issue.