News Detail

17 Oct 2025

The assessment on Virtual Assets (VAs) and Virtual Assets Service Providers (VASPs) has established that the sector poses high risk of money laundering and terrorist financing and proliferation financing (ML/TF/PF) in Malawi. This is because the VAs/VASPs sector carries high ML/TF/PF vulnerability and high threats, according to the assessment which was conducted between April and June 2025 by officers from various Government Ministries, Departments and Agencies. The assessment was led by officials the Ministry of Finance and Economic Affairs, Reserve Bank of Malawi, and Financial Intelligence Authority. It involved participation from various stakeholders such as law enforcement agencies, financial institutions, other reporting institutions, and the general public. Among others, the Assessment sought to identify, understand and analyse the overall ML/TF/PF risks related to the VA/VASP sector; identify VA/VASP products, services and channels with high vulnerability; identify capacity gaps among law enforcement authorities, supervisory authorities, and other relevant authorities; and action plans to strengthen anti-money laundering and combating the financing of terrorism and proliferation (AML/CTF/CFP) measures in the VA and VASP sector. The assessment was conducted in alignment with Government's commitment to adhere to international standards on AML/CFP/CFP. In particular, the assessment was done as part of compliance with Recommendation 15 of the Financial Action Task Force which covers requirements on New Technologies. This was the first Risk Assessment for the country on VAs and VASPs. It is a critical step in safeguarding Malawi's financial system from the evolving risks associated with VAs and VASPs and in helping the country to formulate policies out of reliable information. The Risk Assessment Report on VAs and VASPs can be accessed under the publication section of the FIA website www.fia.gov.mw, and then choosing FIA Publications.