Malawi moves to close money-laundering loopholes with new trusts law
According to AllAfrica, Malawi is taking steps to modernise its legal framework for trusts. The government convened a stakeholder consultation in Lilongwe on Thursday to gather input on a Draft Trusts Bill that officials say is long overdue. The aim is to close money-laundering loopholes.
Malawi is taking steps to update its legal framework for trusts. As reported by AllAfrica, the government held a stakeholder consultation in the capital, Lilongwe, on Thursday. The meeting was intended to gather input on a Draft Trusts Bill.
Officials say the existing rules are outdated and that the reform is long overdue. The new law is meant to increase the transparency of trusts and close loopholes that could be used for money laundering.
Malawi is under pressure to meet international financial-oversight standards. Regulators say clearer rules could strengthen the country's financial reputation and deter illicit money flows. The draft will move into the legislative process after the consultations.
Read next
China's hukou reform tested by local government reluctance, SCMP reports
According to the South China Morning Post, planned reforms to China's household registration system, the hukou, could be undermined by reluctance from local governments. The system determines migrant families' access to public services such as healthcare and education. Millions struggle to access services outside their home city.
India investigates Tata data leak that exposed Apple iPhone 18 Pro secrets
Nigerian party backs state police, urges wider constitutional and fiscal reforms
EU pushes tech sovereignty plan to cut reliance on US and China
