Botswana Tightens CFT Regulations to Combat Money Laundering

In a move to strengthen its anti-money laundering (AML) efforts, Botswana has joined the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG), a regional body aimed at combating money laundering and the financing of terrorism.

Commitment to Implement FATF Recommendations

As part of its commitment to implement recommendations by the Financial Action Task Force (FATF), established in 1989, Botswana’s membership in ESAAMLG is a significant step towards strengthening its financial sector’s integrity. The country aims to establish a comprehensive legal framework to combat money laundering and terrorist financing.

About ESAAMLG

ESAAMLG is a regional body with fourteen member countries and several accredited observers from other jurisdictions and organizations. Its secretariat is located in Dar es Salaam, Tanzania. As a founding member, Botswana is committed to working together with other member states to achieve its goals.

Strengthening Financial Intelligence

To combat money laundering and terrorist financing effectively, Botswana has established the Financial Intelligence Agency (FIA) through the Financial Intelligence Act. The agency is responsible for providing critical information on suspicious transactions, which enhances the government’s ability to:

• Identify and prevent illegal activities
• Monitor and track illicit funds
• Freeze and seize assets linked to criminal activities

By strengthening its financial intelligence capabilities, Botswana aims to protect its financial sector from money laundering and terrorist financing, ensuring a safer and more stable economy for all citizens.