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Lesotho’s New Plan to Fight Money Laundering and Terrorism

Lesotho’s government has unveiled a comprehensive plan to combat money laundering and the financing of terrorism. The strategy aims to enhance cooperation between government agencies, enforcement bodies, and the private sector, improving the country’s ability to detect and prevent these crimes.

Government Cooperation Key to Success

The first objective of the plan is to establish a national interagency committee comprising key government departments, including Finance, Justice, Home Affairs, Foreign Affairs, and the Central Bank. The committee will define its mandate and ensure that all relevant agencies work together effectively to combat money laundering and terrorist financing.

Enforcement Agencies to Enhance Cooperation

The plan also calls for law enforcement agencies to enhance cooperation through the exchange of information and provision of assistance. This includes: * Sharing intelligence and best practices * Conducting joint investigations and operations

Financial Intelligence Units to Play Key Role

Financial Intelligence Units (FIUs) will play a crucial role in detecting and preventing money laundering and terrorist financing. The plan calls for FIUs to establish memoranda of understanding with other government agencies and enforcement bodies to facilitate information sharing and cooperation.

AML/CFT Awareness Campaigns Launched

To enhance awareness and appreciation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures, the plan includes: * Outreach programs * Training sessions * Public awareness campaigns

The goal is to educate the public about the implications of money laundering and terrorist financing.

Assessing Risks and Vulnerabilities

The plan also calls for periodic exercises to identify and assess risks, threats, and vulnerabilities related to money laundering and terrorist financing. This will help Lesotho’s authorities to develop effective strategies to mitigate these risks and prevent these crimes.

Implementation Challenges Expected

While the plan is expected to be effective in combating money laundering and terrorist financing, implementation challenges are anticipated. The government has acknowledged that capacity building, both financial and human, will be crucial to ensure the success of the strategy.

In a statement, the Lesotho government emphasized its commitment to implementing the AML/CFT strategy and urged all stakeholders to cooperate fully with the authorities to achieve this goal.

Conclusion

The plan is expected to be reviewed regularly to ensure that it remains effective in addressing the evolving threat posed by money laundering and terrorist financing.