Over K1bn recovered in financial crimes fight

Government has recovered over K1 billion in the fight against corruption and abuse of government resources.

Minister of Justice Titus Mvalo revealed this in an interview when asked how much was in the recently initiated assets recovery fund and what so far has not been recovered.

According to the minister, as of three months ago, the fund had over K1 billion and the figures are still rising.

However, he said the exact amount in the fund will be disclosed when the fund is launched in April this year.

Mvalo said: “We have decided that apart from arresting and having people in court, we must be recovering what was lost. So, there is a fund that we have set up in which we will be putting money that we have recovered.

“We will be able to use those funds for a number of beneficial purposes. For example, we can even help to get more drugs into hospitals and we can help in any other social requirements that are needed.”

Initially, the fund was schedule to be launched in November last year but due to other challenges government failed to do so.

However, the Justice Minister could not commit that the funds will be used for construction of courts when legislators in Parliament had asked if the ministry could use the money for construction of courts.

He said there are a number of competing needs but should it happen that there are funds to meet the construction, that will be done.

Malawi has for years been affected by corruption. Billions of kwachas have been lost to the vice.

Some corruption cases have also dragged for years, making it hard for government to the recover money.

In an interview yesterday, Legal Affairs Committee of Parliament chairperson Peter Dimba welcomed the idea of recovering resources and setting up the fund, saying it is long overdue.

Law expert Kamudoni Nyasulu wondered why the fund has neen set up now when a Confiscation Fund was already established by law in February 2017 vesting in the Minister of Finance but to be administered by the Financial Intelligence Authority.

“It was set up to be used, among other uses, “for such purpose as the National Assembly may approve,” he said.

To ramp up asset recovery, last month Malawi engaged a United Kingdom-based assets recovery specialist Carolyn Lamptey to help in the fight against corruption and to help in the recovery of assets.