EXCHANGE CONTROL: SUBSIDIARY LEGISLATION

EXCHANGE CONTROL: SUBSIDIARY LEGISLATION

EXCHANGE CONTROL REGULATIONS

ARRANGEMENT OF REGULATIONS

    REGULATION

PART I
PRELIMINARY

    1.    Citation

    2.    Interpretation

    3.    Authorized dealers

    4.    Directions

    5.    Exemptions

    6.    Power to obtain information

PART II
BULLION

    7.    Application of Part

    8.    Transfer of bullion out of Malawi

    9.    Limitation on purchase of bullion, etc.

PART III
MONETARY CONTROL

    10.    Dealings in foreign currency

    11.    Transfer of foreign currency out of Malawi

    12.    Transfer of Malawi currency out of Malawi

PART IV
CONTROL OF CERTAIN PAYMENTS, ETC.

    13.    Exception

    14.    Control of certain payments in Malawi

    15.    Control of certain payments outside Malawi

    16.    Control of certain transactions

    17.    Certain loans prohibited

PART V
SECURITIES AND FOREIGN SECURITIES CONTROL

    18.    Issue, etc., of securities

    19.    Taking, etc., securities out of Malawi

    20.    Foreign securities

PART VI
COMPANIES

    21.    Interpretation

    22.    Forein companies

    23.    Transfer of control of body corporate

    24.    Loans to bodies corporate

PART VII
MISCELLANEOUS

    25.    Possession of foreign currency prohibited

    26.    Blocked accounts

    27.    Travellers

    28.    Residents leaving Malawi

    29.    Payments for export of moveable property, etc.

    30.    Provisions relating to the import of moveable property

PART VIII
LEGAL PROVISIONS AND OFFENCES

    31.    Legal proceedings

    32.    Contracts, etc.

    33.    False statements

    34.    Evasion of Regulations

    35.    Restrictions on disclosure of information

    36.    Forfeiture, etc.

    37.    Offences by body corporate

G.N. 89/1984
79/1985
86/1986
26/1987
50/1993

EXCHANGE CONTROL REGULATIONS

under s. 3

PART I
PRELIMINARY

1.    Citation

    These Regulations may be cited as the Exchange Control Regulations.

2.    Interpretation

    (1) In these Regulations—

    ‘‘authorized dealer’’, in relation to any particular regulation, means a person appointed pursuant to regulation 4 for the purpose of that particular regulation;

    ‘‘the Bank’’ means the Reserve Bank of Malawi established under section 3 of the Reserve Bank of Malawi Act.

    (2) For the purposes of these Regulations, a personal representative of a deceased person shall, unless the Minister otherwise directs, be treated as resident where the deceased person was resident at the time of his death so far as relates to any matter in which the personal representative is concerned solely in that capacity.

    (3) Notwithstanding any rule to the contrary, the Minister may give directions declaring that for all or any of the purposes of these Regulations a person is to be treated as resident or not resident in Malawi or any other territory, and the person shall be treated for the purposes of these Regulations as being so resident or, as the case may be, not so resident.

    (4) Any permission under these Regulations—

    (a)    may be either general or specific;

    (b)    may be revoked or varied by the person giving the permission;

    (c)    may be absolute or conditional;

    (d)    may be limited to expire on a specified date, unless renewed; and

    (e)    shall be published in such a way as, in the opinion of the person giving the permission, to give any person entitled to the benefit of it an adequate opportunity of getting to know of it, unless in his opinion publication is not necessary for that purpose.

    (5) Where the doing of an act by any person who has a particular attribute or stands in a specified relation to any property is prohibited by these Regulations, the doing of that act by two or more persons is likewise prohibited notwithstanding that only one or some of those persons have that attribute or stand in that relationship.

3.    Authorized dealers

    The Minister may appoint any person to be an authorized dealer for the purposes of any regulation, and may revoke or vary any such appointment.

4.    Directions

    The Minister may give—

    (a)    general directions indicating the considerations to which authorized dealers or the Bank should have particular regard in carrying out functions under these Regulations; or

    (b)    specific directions to an authorized dealer or the Bank with respect to the carrying out of any of those functions,

    and an authorized dealer and the Bank shall comply with any such direction so given.

5.    Financial provision

    (1) The Minister may, by Order published in the Gazette, exempt from the operation of any regulation any act or transaction, or any class of acts or transactions, either unconditionally or subject to such conditions as are specified in the Order.

    (2) The Minister may, by Order published in the Gazette, vary or revoke any Order made under subregulation (1).

6.    Application to the Government

    (1) The Minister may, by notice in writing to any person, require that person to furnish within the period specified in the notice such information as the Minister requires with respect…