05 Mar 2015

Botswana is not immune from money laundering and terrorism financing, the permanent secretary in the Ministry of Finance and Development Planning, Mr Solomon Sekwakwa has said. 

Speaking at the beginning of a National Money Laundering and Terrorism Risk Assessment workshop on March 4 Mr, Sekwakwa said money laundering and terrorist financing could have dire social, economic and political repercussions for the economy if left unchecked.  He said the government has developed an anti-money laundering and counter terrorist financing regime. 

“The regime is reviewed on a continuous basis for improvement and for alignment with international standards,” he said.  He noted that Parliament last year approved the Anti-Terrorism, Anti-Human Trafficking and the Proceeds and Instruments of Crime Act legislations. 

“These legislations, together with the Financial Intelligence Act and other supporting legislations, are the basis for the country’s anti-money laundering and counter terrorist financing framework,” he said. 

Mr Sekwakwa said the results of the national risk assessment would inform policy makers where to tighten the current anti-money laundering and terrorist financing regime and properly channel resources to mitigate such risk. 

This, he said, would make Botswana a more secure country in terms of money laundering and terrorist financing and consequently a centre of attraction for foreign direct investment. ENDS