RBM gets toughs on corruption

 

The Reserve Bank of Malawi (RBM) in conjunction with Deloitte Malawi on Tuesday introduced a tip-off- anonymous scheme to ensure zero tolerance to corruption.

In view of this, the central bank plans to introduce a scheme in which any payment in excess of a certain threshold, a text message shall be generated and sent to RBM, Minister of Finance, Economic Planning and Development, Secretary to the Treasury, the Anti-Corruption Bureau (ACB) and principal secretaries of different ministries, departments and agencies.

Kabambe: We need to seal all loopholes

Speaking at the launch in Lilongwe, RBM Governor Dalitso Kabambe said the plunder of public resources dubbed Cashgate has been the worst tragedy the country has faced which pushed development backwards.

He said: “As the country is now recovering, we need to seal all loopholes in the system. RBM is taking extra steps to ensure that any pilferage of government resources never happens in future.

“If our staff sees any suspicious transactions, they should immediately report through this tip-off anonymous so that the case is investigated”.

In his remarks, ACB director general Lucas Kondowe said the fight against corruption cannot be won by ACB alone.

“It is common knowledge that corruption has become endemic in the county and this cannot continue. ACB is just the leading institution but all stakeholders should play their rightful roles,” he said.

Deloitte Malawi senior manager for tip-off-anonymous Vanda Phekani said over 50 institutions in Malawi have subscribed to the hotline where others, including Electricity Supply Corpo ration of Malawi and Malawi Revenue Authority have been successful in terms of revenue recovery.

Cases to report include counterfeit currencies, illegal externalisation of foreign exchange, operation of unlicensed financial institutions, fraud and mismanagement of public funds.

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