Alumna Maureen Mwalabu: A leading force in combating financial crimes in Malawi

Alumna Maureen Mwalabu is a dynamic professional whose work over the past decade has contributed to the fight against financial crimes in Malawi. As the Manager for Compliance and Prevention at the Financial Intelligence Authority (FIA), Maureen plays a pivotal role in preventing financial crimes such as money laundering and the financing of terrorism and the proliferation of weapons of mass destruction by making sure that the FIA collaborate closely with key domestic stakeholders and that policies and procedures are in place to combat financial crimes.

She ensures that reporting institutions (financial institutions and designated financial businesses and professions (DNFBPs)) comply with Malawi’s Financial Crimes Act. This includes leading the formulation of compliance policies, procedures, and guidelines, enhancing awareness, employing a risk-based supervisory approach, conducting training needs assessments, providing training, and performing regular compliance audits. In her role, Maureen provides guidance and leadership in Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Combating Proliferation Financing (CPF) to the Senior Compliance Analysts in the Compliance and Prevention Department. In her work, she collaborates with other supervisory authorities and her work spans across various districts in Malawi.

Her leadership and efforts culminated in the recent signing of Memorandums of Understanding (MoU) with local organisations including the MoU signed in August 2024 between the FIA and the Malawi Law Society, which aims to facilitate the efficient sharing of crucial information between the two entities.

Maureen is also an active member of the Malawi Australia Alumni Association, serving as its chairperson from 2022 to 2024. Under her leadership, the association launched the Women in Leadership Network (WILN) Malawi Chapter in March 2024. In May of this year, she was elected chairperson of the Australia Awards Africa Pan-African WILN Council. In this capacity, she collaborates with representatives from various country chapters to establish the framework for their operations.

Her Australia Awards Masters Degree in Governance and Public Policy from the University of Queensland (2013) equipped Maureen with essential research skills that are vital to her current role. She applies these skills to stay ahead of global trends in Anti-Money Laundering, Counter Financing of Terrorism, and Combating Proliferation Financing. Her studies also honed her critical thinking abilities, enabling her to navigate the challenges and opportunities she encounters daily.

“The group assignments I did while studying, developed my ability to work in teams and enhanced my networking skills – both essential attributes for collaborating with colleagues on various projects. My presentation skills improved through numerous presentations I made, and my problem-solving and adaptability skills were greatly enhanced. I am a better leader now because of the studies, especially the courses on Leadership and Change Management and Dynamics of Governance I completed,” she reflects.

Despite the importance of her work, Maureen’s employer faces significant challenges. The prevalence of unregistered and unlicensed players in the informal economy – such as real estate agents, foreign currency dealers, and traders in precious metals and stones, – complicates the monitoring and tracking of illicit activities. The widespread use of cash and the absence of regulatory restrictions on its use, create opportunities for criminals to launder illicit proceeds. While the FIA relies on stakeholders and reporting institutions to detect and report suspicious transactions, some lack the capacity to do so effectively. The reports are crucial for developing intelligence that law enforcement agencies can use. Nonetheless, the presence of a comprehensive legal framework on AML, CFT, and CPF, alongside a robust financial sector and competent staff at the FIA, provides a solid foundation and new opportunities for Maureen’s work.

In 2018, Maureen was part of a team that conducted a National Risk Assessment (NRA) on AML and CFT. She led the working group assessing DNFBPs such as the legal sector, casinos, real estate, and dealers in precious metals and stones. Currently, she leads another working group assessing the legal profession as part of the NRA. The NRA aims to understand the extent of money laundering and terrorist financing in Malawi, identify weaknesses in the legal framework and existing preventative systems, and prioritise action plans to strengthen AML and combat CFT.

“I worked with a team to assess the sector using the World Bank tool. We identified vulnerabilities and recommended mitigating measures, and I led the collection and analysis of data that were ultimately adopted and published in the main NRA Report of 2018. I was also closely involved in drafting the report,” Maureen shares.

The NRA is crucial for the country’s development as it exposes the level of threats and risks associated with major predicate offenses that generate significant criminal proceeds. It also evaluates Malawi’s capabilities and vulnerabilities in combating money laundering and terrorist financing within both the financial and non-financial sectors. The insights and recommendations help the country formulate better laws, policies, and procedures to address these challenges.

Looking ahead, Maureen is committed to continuing her fight against financial crimes, asserting that this work is never truly complete. Regarding the WILN Council, she envisions a future where WILN is visible across Africa and the globe and that Australia Awards women leaders have opportunities to share best practices, are empowered and positioned to make a significant impact in their respective African countries.