Financial Crime World

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Financial Intelligence Agency Submits Application for Egmont Group Membership

Gaborone, Botswana - The Financial Intelligence Agency (FIA) has submitted its application to join the Egmont Group, a global network of financial intelligence units aimed at combating money laundering and terrorist financing.

The FIA’s membership in the Egmont Group will enable it to share information and best practices with other member countries, enhancing its capacity to combat financial crimes. The agency’s submission comes as part of its efforts to strengthen Botswana’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.

The FIA has also released its annual report, highlighting trends in financial crimes. The agency reported that:

  • Cash transactions continue to pose a significant risk to Botswana’s AML/CFT system.
  • Virtual assets such as bitcoins are gaining popularity in Botswana, but warned of pyramid schemes and other internet-based investment scams.
  • There is a rise in tax evasion by foreign nationals operating unregistered car dealerships in the country.

FIA Receives STRs from Commercial Banks

The agency received a significant number of Suspicious Transaction Reports (STRs) from commercial banks, involving individuals depositing business funds into personal accounts. In some cases, subjects maintained multiple bank accounts, making it difficult for either bank to form a holistic financial profile.

BURS Receives Financial Intelligence from FIA

The Botswana Unified Revenue Service (BURS) received financial intelligence valued at P50,629,762 from the FIA, related to suspected tax crimes. The agency also detected a trend of failure to declare capital gains for transactions such as sale of properties and shares.

FIA Calls for Cooperation with Other Agencies

The FIA has emphasized the importance of cooperation with other law enforcement agencies in combating financial crimes. It called on all stakeholders, including banks, lawyers, and accountants, to report suspicious transactions and share information to prevent money laundering and terrorist financing.

Contact Information

For more information, please contact: Financial Intelligence Agency Private Bag 0190, Gaborone, Botswana Telephone: +267 3998400 Fax: +267 3931754 Website: https://www.finance.gov.bw