Finance Bank re-opening in Malawi hangs in balance due to past money laundering record

In May this year, Finance Bank Zambia owner Rajan Mahtani announced that he will re-open his branches in Malawi which were closed due to money laundering activities and other criminal activities.

Mahtani also announced that he met then newly president of the country Joyce Banda to discuss the opening of his bank. Normal and clean businessmen don’t necessarily need to see the Head of State to open a bank on any business in a country.

But Face of Malawi has received information that Malawi, in its renewed quest to combat corruption, may not allow a bank that was closed from criminal activities to re-open.

Face of Malawi understands that the Reserve Bank of Malawi (Central Bank) is relying on a report it conducted that revealed criminal activities that Finance Bank engaged in when they operated in that country.

Below is the report that led to the closure of the Finance Bank in Malawi: