Financial Crime World

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Lesotho Moves to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism Efforts

Maseru, Lesotho - The government of Lesotho has launched a comprehensive strategy aimed at combating money laundering and terrorist financing.

Enhancing National Cooperation

The strategy involves establishing a National Interagency Committee comprising key agencies, including:

  • Finance and Development Planning
  • Justice Law and Constitutional Affairs
  • Home Affairs and Public Safety
  • Foreign Affairs and International Relations
  • Central Bank of Lesotho
  • Lesotho Revenue Authority

The committee will define its mandate and work towards implementing it through memorandums of understanding (MOUs) and service level agreements.

Improving Legislation

The strategy seeks to improve legislation by:

  • Criminalizing money laundering and terrorist financing
  • Confiscating proceeds of crime
  • Establishing a Criminal Asset Recovery Fund
  • Developing regulations in place
  • Disbursing funds to support anti-money laundering efforts

Strengthening Enforcement Mechanisms

To enhance enforcement mechanisms, the government will:

  • Establish a Financial Intelligence Unit (FIU)
  • Provide technical assistance to facilitate its setup
  • Analyze financial data and provide intelligence to law enforcement agencies

International Cooperation

The strategy recognizes the importance of international cooperation in combating money laundering and terrorist financing. Lesotho plans to:

  • Ratify international and regional instruments
  • Develop legal treaties
  • Apply for membership in the Egmont Group, an international organization that facilitates information sharing among FIUs

Accountable Institutions and Awareness

The government will define accountable institutions into categories, monitor compliance, and establish supervisory bodies to regulate financial and non-financial bodies and professions. The strategy also aims to enhance awareness and appreciation of anti-money laundering and combating the financing of terrorism (AML/CFT) efforts through:

  • Outreach programs
  • Capacity building for law enforcement agencies

Response from Stakeholders

The Director of Public Prosecutions has welcomed the strategy, saying it will provide a framework for prosecutors to effectively tackle money laundering and terrorist financing cases. The Director of Corruption and Economic Offences has also commended the government’s efforts, stating that the strategy will help to disrupt criminal networks and recover stolen assets.

Technical Assistance

The Development Strategy Implementation (DSI) has been instrumental in providing technical assistance and support to the anti-money laundering and combating the financing of terrorism efforts in Lesotho. The DSI has worked closely with international partners to provide training and capacity building for law enforcement agencies and other stakeholders.

Impact on Economy and Stability

The government’s strategy is seen as a significant step towards strengthening Lesotho’s anti-money laundering and combating the financing of terrorism efforts, and it is expected to have a positive impact on the country’s economy and stability.