Financial Crime World

Swaziland’s Anti-Money Laundering and Combating Financing of Terrorism Regulations

The Kingdom of Eswatini (formerly known as Swaziland) has introduced new regulations to combat money laundering and financing of terrorism. These regulations aim to prevent the use of financial systems for illegal activities and protect the country’s economy from illicit funds.

Overview

Under these regulations, all financial institutions in Eswatini are required to report any suspicious transactions to the Swaziland Financial Intelligence Centre (SFIC). The SFIC is responsible for analyzing and disseminating financial intelligence to law enforcement agencies to help them detect and prevent money laundering and financing of terrorism.

Key Provisions

Reporting Suspicious Transactions

  • All financial institutions are required to report any suspicious transactions to the SFIC.
  • Financial institutions must maintain records of their customers’ identities and transaction histories.

Cash Transaction Threshold

  • Cash transactions exceeding E5,000 (approximately $67) must be reported to the SFIC.
  • This threshold applies to all cash transactions, regardless of the number of transactions involved.

Penalties for Non-Compliance

  • Financial institutions that fail to comply with the regulations may face fines and other sanctions.

Background

Money laundering and financing of terrorism are serious crimes that threaten the stability of financial systems and the security of nations. Eswatini has joined other countries in implementing measures to prevent and combat these crimes.

The new regulations are designed to strengthen Eswatini’s anti-money laundering and combating financing of terrorism regime, which aims to protect the country’s economy from illicit funds and prevent the use of financial systems for illegal activities.

Implementation

Oversight by the SFIC

  • The SFIC is responsible for overseeing the implementation of the regulations.
  • The SFIC will also provide guidance and support to financial institutions to ensure compliance with the regulations.

Urgency to Comply

The Eswatini government has urged all financial institutions to comply with the regulations and report any suspicious transactions to the SFIC. Failure to comply may result in fines and other sanctions.

Conclusion

Eswatini’s new anti-money laundering and combating financing of terrorism regulations are an important step towards protecting the country’s economy from illicit funds and preventing the use of financial systems for illegal activities. These regulations will help strengthen Eswatini’s anti-money laundering and combating financing of terrorism regime, which aims to protect the country’s economy and prevent crime.