Here is the converted article in Markdown format:

Financial Intelligence Agency Submits Application for Egmont Membership

Gaborone, Botswana - The Financial Intelligence Agency (FIA) has submitted its application to become a member of the Egmont Group, an international organization dedicated to combating money laundering and terrorist financing.

Strengthening Financial Intelligence Gathering Capabilities

The FIA has been working tirelessly to enhance its financial intelligence gathering capabilities and is now ready to join the ranks of Egmont member countries. The agency has reportedly undergone rigorous assessments and met all necessary requirements to become a member.

Financial Intelligence Report Highlights Money Laundering and Terrorist Financing Threats

Key Findings

• Botswana is being used as a hub for illegal activities, with criminals using the country’s banks and financial institutions to launder their ill-gotten gains.
• Several trends in money laundering and terrorist financing have been observed, including:
  • The use of cash-intensive businesses such as car dealerships
  • The transfer of large amounts of cash across borders
  • The misuse of virtual assets such as bitcoins

Trends Observed in Money Laundering and Terrorist Financing

• Base erosion and profit shifting tax evasion schemes are on the rise
• Tax fraud and virtual assets pyramid schemes are also increasing

Collaboration with Botswana Unified Revenue Service (BURS)

The FIA is working closely with BURS to combat financial crime. The agency has disseminated financial intelligence valued at over P50 million, leading to several successful investigations and prosecutions.

Contact Information

Postal Address: Private Bag 0190, Gaborone, Botswana Telephone Number: +267 3998400 Fax Number: +267 3931754 Website: https://www.finance.gov.bw