Botswana Establishes Anti-Illicit Financial Flows Center at University of Botswana
Feb. 6, 2024 (Gaborone) - In a bid to strengthen its efforts against money laundering and terrorism financing, Botswana is setting up an anti-illicit financial flows center at the University of Botswana (UB).
Ministry of Finance and Economic Development Announces Proposed Budget
Finance and Economic Development Minister Peggy Serame announced the proposed 2024/2025 budget, highlighting the upcoming center as a crucial step for Botswana to comply with the Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/PF) international standards.
Training Center to Enhance Botswana’s Capacity against Financial Crimes
The new center will provide vital training for all stakeholders, strengthening Botswana’s capacity to meet the obligations of the upcoming mutual evaluation with the Financial Action Task Force (FATF) in January 2027.
- Peggy Serame
The training center aims to equip Botswana with the necessary tools to identify, evaluate, and address money laundering and terrorism financing risks.
Botswana’s National Risk Assessment Reveals Areas for Improvement
According to FATF guidelines, countries are required to assess and understand the risks they face. In December 2023, Botswana completed its National Risk Assessment and identified the need for additional measures to counter money laundering risks and prevent terrorist financing risks, both of which received medium-high and medium ratings, respectively.
Action Plan and Implementation Schedule
An action plan for enhancing Botswana’s measures against financial crimes is being devised, with the implementation schedule set for the 2024/2025 financial year.
Botswana’s Efforts to Bolster Financial Regulations Post Greylist Removal
Botswana’s efforts to fortify its defenses against financial crimes follows its removal from the FATF’s list of countries with significant deficiencies, known as the grey list, in October 2021.
Botswana remains committed to preventing illicit financial activities, including money laundering and terrorism financing, to maintain our financial reputation and avoid another greylisting.
- Peggy Serame
Botswana was placed on the greylist by the FATF in October 2018 due to shortcomings in its financial regulation. However, after improvements to its money laundering regulations in October 2021, Botswana regained its clean record from the FATF’s greylist.