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MGB now designated gaming sector anti-money laundering supervisory authority

The Malawi Government, through the Minister of Finance, Economic Planning and Development honourable Goodall Gondwe, has designated the Malawi Gaming Board as a supervisory authority on anti-money laundering and combating the financing of terrorism (AML/CFT) for all institutions regulated under the Gaming Act (Cap. 47:03 of the Laws of Malawi). The designation was made through a Gazette Notice issued on 10 August 2018. The Minister has further designated the National Lotteries Board for all reporting institutions regulated under the Lotteries Act (Cap. 47:04 of the Laws of Malawi) and the Financial Intelligence Authority for all reporting institutions for which a supervisory authority has not been specifically designated under the Financial Crimes Act (FCA). The Reserve Bank of Malawi and Registrar of Financial Institutions were already prescribed as supervisory authorities under Section 2 of the FCA.