Botswana Tackles Financial Crime Risk Management

Joining Forces Against Money Laundering and Terrorist Financing

In its ongoing efforts to combat money laundering and terrorist financing, Botswana has strengthened its position by joining forces with the regional anti-money laundering body, Eastern and Southern African Anti-Money Laundering Group (ESAAMLG).

Enhancing Regional Response to Financial Crimes

As a member of ESAAMLG, Botswana contributes to a broader initiative aimed at developing a regional response to combating financial crimes. The objectives of ESAAMLG align with those of the Financial Action Task Force (FATF), an inter-governmental organisation established in 1989.

The Role of ESAAMLG

• Founded in 1999, with its secretariat based in Dar es Salaam, Tanzania
• Comprises 14 member countries and various accredited observers from other jurisdictions and organisations
• Focuses on implementing FATF recommendations to enhance anti-money laundering capabilities

Botswana’s Comprehensive AML Framework

Botswana has put in place a comprehensive legal framework to support AML efforts through the Financial Intelligence Act. This legislation enabled the establishment of the Financial Intelligence Agency (FIA), which plays a crucial role in identifying and reporting suspicious transactions linked to financial crimes.

Through its membership in ESAAMLG and its robust legislative framework, Botswana demonstrates its commitment to tackling financial crime risk management and combating money laundering and terrorist financing effectively.