Botswana Confronts Financial Fraud Cases: Progress Made in Compliance, but More Work Needed

Botswana has made significant strides in addressing shortcomings identified in its Mutual Evaluation Report (MER) to justify an upgrade in its rating. The country’s efforts have led to the re-rating of Recommendation 9 to Compliant, while Recommendations 13, 16, 18, 22, 33, and 34 were upgraded to Largely Compliant.

Progress Made

• Recommendation 9: Upgraded to Compliant
• Recommendations 13, 16, 18, 22, 33, and 34: Upgraded to Largely Compliant

However, Botswana still faces moderate shortcomings in several areas, including Recommendations 19, 25, 26, 28, and 35. As a result, the country received a partially compliant (PC) rating in these areas.

Remaining Shortcomings

• Recommendations 19, 25, 26, 28, and 35: Partially Compliant (PC)

Despite this progress, Botswana will remain under enhanced follow-up by the European Union’s Moneyval committee, which monitors countries’ efforts to combat money laundering and terrorist financing. The country has committed to continuing its efforts to improve and implement its anti-money laundering and combating the financing of terrorism (AML/CFT) measures, with regular updates provided to the ESAAMLG, a regional organization that works to promote cooperation among African countries in combating financial crime.

Next Steps

• Botswana will continue to work on improving and implementing its AML/CFT measures.
• The country will provide regular updates to the ESAAMLG on its progress.