12 Jul 2015

Parliament has been informed that the Financial Intelligence Agency is currently conducting a National Risk Assessment (NRA) which will be concluded in November this year.

The overarching objective is to review the current environment relating to the matter, and the outcome of the assessment would be the development and implementation of a National Anti-Money Laundering and Financing of Terrorism Systems.

Answering a question a parliamentary question on Thursday (July 9), the Minister of Defence, Justice and Security, Mr Shaw Kgathi said the system’s implementation plan would lead to overall deterrence and prevention of the abuse of the national financial systems, and to minimise risks of opportunistic terrorism financing.

Mr Kgathi stated that the results of the assessment together with the implementation plan would be used by financial industry in particular, as well as other stakeholders in the adoption of a risk based approach and compliance to the Financial Intelligence Act of 2009 and Counter Terrorism Act of 2014.

He also informed the House that the Directorate of Public Prosecution (DPP) has prosecuted six cases of money laundering between 2008 and 2014, and in three of the cases, the accused persons were convicted. He however said no cases of terrorism were ever prosecuted.

The minister said no records of terrorist threats in the public domain that are known to his ministry.Member of Parliament for Jwaneng-Mabutsane, Mr Shawn Nthaile had asked the minister when an assessment of risk on money laundering and terrorism or financing of terrorism was conducted.

He also wanted to know the number of cases detected and action taken against perpetrators, any records or prosecutions for money laundering and terrorism and any records of any terrorist threat on the public domain.Mr Nthaile also wanted the minister to state which industries have been identified as key money laundering vulnerabilities.  Ends