Financial Crime World

Lesotho Government Intensifies Efforts Against Money Laundering and Terrorist Financing

The government of Lesotho has announced a comprehensive plan to enhance its efforts in combating money laundering and terrorist financing. The strategy aims to improve national cooperation, strengthen the legal framework, enhance awareness and appreciation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures, and assess risks and vulnerabilities in the country.

Key Components of the Plan

  • National Inter-Agency Committee: Establish a committee comprising key ministries and institutions to coordinate efforts against money laundering and terrorist financing.
  • Effective Legislation: Ratify international and regional instruments and develop memorandums of understanding with relevant agencies.
  • Outreach Programs and Awareness Campaigns: Launch outreach programs and conduct awareness campaigns to enhance awareness and appreciation of AML/CFT measures.
  • Risk Assessment and Response: Assess money laundering and terrorist financing risks and vulnerabilities through a national exercise and develop key priority actions to respond to those risks.
  • Regulation of Accountable Institutions: Improve regulation of accountable institutions, including financial and non-financial bodies and professions.
  • Capacity Building and Technical Assistance: Provide capacity building and technical assistance to facilitate the setup of a Financial Intelligence Unit (FIU).

Quotes from Minister of Finance

“We are committed to combating money laundering and terrorist financing in Lesotho,” said [Name], Minister of Finance. “This strategy is critical in our efforts to protect the country’s financial system and prevent the misuse of its financial institutions.”

Implementation Support

The plan has been endorsed by the Development Strategy Implementation (DSI) unit, which will provide technical assistance and support to ensure its successful implementation.

Key Points

  • Establish a National Inter-Agency Committee to coordinate efforts against money laundering and terrorist financing
  • Ratify international and regional instruments and develop memorandums of understanding with relevant agencies
  • Launch outreach programs and conduct awareness campaigns to enhance awareness and appreciation of AML/CFT measures
  • Assess money laundering and terrorist financing risks and vulnerabilities through a national exercise
  • Develop key priority actions to respond to those risks
  • Improve regulation of accountable institutions, including financial and non-financial bodies and professions
  • Provide capacity building and technical assistance to facilitate the setup of an FIU

List of Acronyms

  • AMLA: Anti-Money Laundering Authority
  • AML/CFT: Anti-Money Laundering and Combating the Financing of Terrorism
  • DCEO: Directorate on Corruption and Economic Offences
  • DPP: Director of Public Prosecutions
  • DSI: Development Strategy Implementation
  • FIU: Financial Intelligence Unit
  • LEA: Law Enforcement Agencies
  • MLPC: Money Laundering and Proceeds of Crime Act
  • MOU: Memorandum of Understanding
  • SLA: Service Level Agreement