The Business Development Facility (BDF), a local business development grouping, has said Malawi does not have strict set standards for people involved in fraud detection and prevention to meet highest possible fraud prevention performance levels.
To patch up the holes, BDF has organised a corporate fraud and corruption detection conference in Blantyre on July 18, which will help to explore possibilities of developing and implementing a fraud detection and prevention standardisation project.
“It seems we do not have any standards in this field [and] if there is any, they must be too weak and need a review or overhaul,” said Grabriel Kamanga, chairperson of the organising committee of the conference who is also chairperson of BDF.
He said through a strict code of practice, they will be able to detect and regulate fraud.
Kamanga also said through the conference, they will facilitate trainings and certification of officers involved in fraud detection and prevention and review the rule of law on corporate fraud and corruption in this country.
Thus far, he said they have managed to make an arrangement with Malawi through the Anti-Corruption Bureau, University of Malawi, Malawi Law Society, Institute of Internal Auditors, Association of Certified Fraud Examiners and Financial Crime Scene Investigators Africa-Zimbabwe.