Botswana Completes National Anti-Money Laundering and Counter Financing of Terrorism Risk Assessment
Gaborone, Botswana - In a significant milestone, Botswana has completed its National Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Risk Assessment. This achievement makes Botswana the eleventh country in Africa to undertake such an exercise.
Background
The assessment was supported by the World Bank and resulted in the adoption of a National AML/CFT Risk Assessment Report and Action Plan. The National Risk Assessment is a crucial step in strengthening Botswana’s AML/CFT systems, which aims to identify risks, threats, and vulnerabilities and target resources effectively to mitigate them.
Identified Risks
The assessment involved more than 50 officials from various ministries and agencies who collected and analyzed large amounts of data, information, and statistics to identify the main money laundering and terrorist financing risks faced by Botswana. The identified risks include:
- Criminality linked to wildlife poaching
- Weak controls in the diamond sector
- Auto theft
- Financial crimes such as tax evasion and corruption
Commitment to Compliance
The completion of the National AML/CFT Risk Assessment demonstrates Botswana’s commitment to complying with international obligations and strengthening its legal framework to combat money laundering, terrorist financing, and related criminal activities.
Support from the World Bank
“We appreciate the assistance we have received from the World Bank throughout the duration of the National Risk Assessment project,” said Elaina Gonsalves, Deputy Secretary for economic and finance policy in the Ministry of Finance and Economic Development. “We are also grateful for the NRA working groups and their selflessness and enthusiasm during the course of the project.”
The World Bank’s National Risk Assessment tool helped add value to this important work by providing a more thorough understanding of how to assess actual money laundering and terrorist financing risks using clear data.
Benefits
The identified risks and threats from the National AML/CFT Risk Assessment will assist officials in strengthening country systems and applying appropriate control measures to fight money laundering, terrorist financing, and related underlying criminal activities. This system, once fully operational, is expected to:
- Stem illicit financing flows
- Contribute to stronger economic development
- Support shared prosperity
- Reduce poverty