Botswana Cracks Down on Financial Crime: AML Group Membership and New Legislation

Botswana, dedicated to combating financial crimes, is an active member of the following regional anti-money laundering (AML) group:

Eastern and Southern African Anti-Money Laundering Group (ESAAMLG)

Botswana’s involvement in ESAAMLG, one of the leading associations founded in 1999, is essential for tackling money laundering and terrorism financing in East and Southern Africa. ESAAMLG’s mission is to:

• Implement the recommendations of the Financial Action Task Force (FATF)
• Enhance cooperation among its member countries

Now consisting of fourteen member countries and several observers, both jurisdictions and organizations, ESAAMLG is headquartered in Dar es Salaam, Tanzania.

Benefits of ESAAMLG Membership

Botswana’s commitment to ESAAMLG has resulted in several advantages:

• Access to the latest AML trends and best practices
• Regular training and capacity building initiatives
• Collaboration with international organizations in the AML arena

Botswana’s AML Legislation: Financial Intelligence Act

Botswana’s dedication to AML efforts is further solidified by its enforcement of the Financial Intelligence Act. This legislation, enacted to strengthen the nation’s AML framework, has contributed to:

• Paving the way for the inception of the Financial Intelligence Agency (FIA) in Botswana
• Providing a comprehensive legal structure to combat financial crimes

Botswana’s Commitment to Global AML Compliance

By being an active member of ESAAMLG and implementing the Financial Intelligence Act, Botswana is progressively positioning itself:

• As a global leader in the fight against financial crimes
• Towards achieving global AML compliance.