Chinese Nationals Sentenced to 8 Years for Money Laundering in Malawi

LILONGWE, Malawi - The Chief Magistrates Court in Lilongwe has sentenced two Chinese nationals, Li Hao Yuan and Qin Zhang, to 8 years imprisonment with hard labour (IHL) for money laundering offence and 6 years IHL for dealing in foreign currency, writes Moses Nyirenda.

The court convicted the two on their own admissions of guilt and after being satisfied with the facts as narrated by the state and their admissions to the said facts, according to Chief Resident Magistrate Madalitso Chimwaza.

After passing the sentences, Magistrate Chimwaza ordered the two to start serving the sentences on July 21, 2021, which was the time they were charged for their offences.

It is reported that between September 1, 2017 and November 26, 2020, the convicts were found in Lilongwe depositing and transacting money amounting to K200 million through account number 9100000342170 of Moni International Limited domiciled at Standard Bank Malawi.

"In addition to that, Li Hao Yuan and Qin Zhang between December 5, 2017, and January 2021, also converted K128.590,000 into gambling chips at Marina Casino in Lilongwe City," said Magistrate Chimwaza.

The Chief Resident Magistrate noted that the amount in which the two were involved affected the economy of the country and that the two deserved a prescribed sentence of life imprisonment.

However, the magistrate also acknowledged that the court was lenient with the convicts because they paid back K200 million and pleaded guilty to their charges.

Speaking after the sentencing, Senior State Advocate Mathews Chione applauded the court for its sentencing, saying that it would deter others from committing financial offences.