Published On: Mon, Oct 25th, 2021

Botswana exits finance crimes grey list

Botswana pulas

Botswana pulas

from ODIRILE TOTENG in Gaborone, Botswana
GABORONE – BOTSWANA is implementing strategies to combat money laundering, financing of terrorism and proliferation of arms of war as well as threats to global financial systems.

This follows the Financial Action Task Force (FATF) on Thursday removing the Southern African nation, alongside Mauritius, from its ‘grey list.’

FATF placed Botswana under increased monitoring in 2018.

Peggy Serame, the MInister of Finance and Economic Development, said based on the recommendations in the FATF Botswana On-site Assessment
Report, the ministry had developed a Post Grey-listing National Action Plan.

“The exit from the grey list does not mean Botswana ceases to be monitored,” the minister said at the just-ended FATF Plenary Meeting.

Serame said it was critical that Botswana maintained the momentum in the implementation of Anti-Money Laundering/Combating the Financing of Terrorism and Counter-Proliferation (AML/CFT/CFP) framework.

“(This is)… so that we guard against the risk of being grey listed again after undergoing the next mutual evaluation,” Serame said.

The next evaluation is set for 2024.

“Continuous improvement to our AML/CFT/CFP regime is key,” Serame highlighted.

FATF is an inter-governmental body established in 1989.

Its objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating the above-mentioned crimes.

Botswana is a founding member of the Eastern and Southern African Anti-Money Laundering Group, a FATF style regional body established in 1999.

– CAJ News

 

 

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