BOTSWANA COMPLETES NATIONAL ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM RISK ASSESSMENT
Gaborone, Botswana - A Major Milestone in Combating Financial Crimes
The government of Botswana has successfully completed a National Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Risk Assessment, marking a significant achievement in the country’s efforts to combat financial crimes. This milestone makes Botswana the 11th country in Africa to undertake this critical initiative.
Support from the World Bank
The assessment was supported by the World Bank, which provided technical assistance and guidance through its National AML/CFT Risk Assessment Tool. The tool has been used by over 40 countries to complete similar assessments, with 30 more countries currently in the process of completing theirs.
“This achievement demonstrates Botswana’s commitment to strengthening its AML/CFT systems and meeting international obligations,” said Elene Imnadze, World Bank Country Representative for Botswana. “The World Bank stands ready to support Botswana’s work and help it become a leading African country in effectively combating money laundering and terrorist financing.”
A Collaborative Effort
The assessment involved over 50 officials from various ministries and agencies, who collected and analyzed data to identify and prioritize the main risks facing Botswana. The risk assessment process helped to identify vulnerabilities in the financial system, including weaknesses in legal frameworks and implementation.
“We appreciate the assistance we have received from the World Bank throughout this project,” said Elaina Gonsalves, Deputy Secretary for Economic and Finance Policy in the Ministry of Finance and Economic Development. “We will use the findings of this assessment to strengthen our AML/CFT controls and fight money laundering and terrorist financing.”
Identified Risks
The identified risks include:
- Higher levels of criminality linked to wildlife poaching
- Weak controls in the diamond sector
- Auto theft
- Financial crimes like tax evasion and corruption
A Significant Step Forward
The completion of the National AML/CFT Risk Assessment is a significant step towards strengthening Botswana’s AML/CFT systems and contributing to stronger economic development, shared prosperity, and reduced poverty.
Using the World Bank’s Tool
The assessment was conducted using the World Bank’s National AML/CFT Risk Assessment Tool, which helps countries identify and prioritize risks based on data and information. The tool enables officials to target resources more effectively to mitigate identified risks and threats.
A Testament to Botswana’s Commitment
Botswana’s achievement is a testament to its commitment to meeting international AML/CFT obligations, including those specified in the 40 Recommendations of the Financial Action Task Force Against Money Laundering/Terrorist Financing (FATF).