Botswana Completes National Risk Assessment to Combat Financial Crime
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Gaborone, March 14, 2017 - Botswana has successfully completed a national risk assessment aimed at combating money laundering and financing of terrorism. The assessment was conducted with the support of the World Bank and is a requirement of the Financial Action Task Force (FATF).
Background
The FATF requires all countries to conduct a national risk assessment to identify their vulnerabilities and threats, and to develop strategies to mitigate them. Botswana is the eleventh African country to undertake such an assessment.
Methodology
The World Bank’s National Risk Assessment Tool was used to guide Botswana in conducting the assessment. The tool provides a framework for assessing money laundering and terrorist financing risks, and helps countries to prioritize their efforts to combat these crimes.
Key Risks Identified
The assessment identified several key risks faced by Botswana, including:
- Criminality linked to wildlife poaching
- Weak controls in the diamond sector
- Auto theft
- Financial crimes such as tax evasion and corruption
Report Findings
The report also highlighted weaknesses in Botswana’s national anti-money laundering and combating the financing of terrorism (AML/CFT) control systems.
Support from World Bank
The World Bank has praised Botswana for its efforts to combat financial crime, saying that the country is now better equipped to identify and mitigate risks. “Botswana has demonstrated a strong commitment to combating money laundering and terrorist financing,” said Elene Imnadze, World Bank Country Representative in Botswana. “We stand ready to support the government as it implements its action plan to address the identified risks.”
Benefits
The National Risk Assessment will assist officials in strengthening country systems and applying appropriate control measures to combat money laundering, terrorist financing, and related underlying criminal activities. The assessment is also expected to contribute to:
- Stronger economic development
- Shared prosperity
- Reduced poverty
Conclusion
The completion of the National AML/CFT Risk Assessment is a significant milestone for Botswana, which demonstrates its commitment to combating financial crime and fulfilling its international obligations.
Quotes
- “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. “We are also grateful for the NRA working groups and the selflessness and enthusiasm they exhibited during the course of the project.”