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Botswana’s Crusade Against Financial Crime Pays Off: Removed from FATF’s Grey List
In a significant milestone, Botswana has successfully completed its reform programme aimed at plugging money laundering gaps, enabling it to be removed from the Financial Action Task Force’s (FATF) grey list. This achievement is a testament to the country’s commitment to tackling financial crime and terrorism.
The Importance of Combating Financial Crime
Money laundering, which fuels serious crime and terrorism, harms societies by facilitating activities such as drug trafficking, arms smuggling, human trafficking, and terrorist attacks. Botswana’s government has been aware of these dangers and has taken concrete steps to address them.
Progress Made in Improving Anti-Money Laundering and Counter-Terrorist Financing Controls
Since being listed on the FATF’s increased monitoring list in 2018, Botswana has made significant strides in improving its anti-money laundering and counter-terrorist financing controls. The country has implemented legal and regulatory changes, and revamped its anti-money laundering and counter-terrorist financing system.
Key Achievements
- Established a robust legal framework
- Strengthened cooperation between government institutions
- Solidified the Financial Intelligence Agency (FIA) as the central agency for reporting and analyzing suspicious financial transactions
- Enhanced the capacity of non-financial sector and financial sector supervisors to ensure businesses comply with anti-money laundering obligations
FATF’s Praise and Continued Monitoring
The FATF has praised Botswana’s commitment to continue strengthening its systems. The regional partner, ESAAMLG, will continue to monitor Botswana’s progress and assess whether new measures align with the FATF’s international standards that over 200 countries and jurisdictions have committed to implement.
A Significant Achievement in Combating Financial Crime
The removal of Botswana from the grey list is a significant achievement, demonstrating the country’s determination to take action against financial crime and terrorism. As the global money laundering and terrorist financing watchdog, the FATF will continue to work closely with Botswana to ensure that its systems remain effective in detecting and investigating illicit finance.