31 Jul 2019

 Deficiencies have been noted in the 2018 Trust Property Control Act and the legislation is being amended as a result. 

According to Minister of Defence, Justice and Security, Mr Shaw Kgathi, the move showed government’s commitment to act swiftly and decisively in fighting money laundering and terrorism financing.

 Officially opening the bi-annual judiciary conference in Gaborone on July 30, he said government was also working hard to resolve the grey listing the country was slapped with in 2017.

He explained that Botswana was assessed for compliance with Financial Action Task Force (FATF) standards which revealed some anti-money laundering deficiencies.

Mr Kgathi said the country failed in combating financing of terrorism framework which could compromise peace, security, stability and even the economic wellbeing of the nation if not addressed.

“The negative assessments caused us to be ‘grey listed and given a reprieve up to 2020 to redeem ourselves and be compliant to avoid being blacklisted by the international community,” Minister Kgathi said.

He said many governments and jurisdictions had become more aware of the dangers posed by money-laundering and financing of terrorism.

Various bodies, in particular the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and FATF had therefore  committed to assist and support governments in taking action against the threats.

Mr Kgathi said the United Nations estimated the amount of money laundered annually to be two to five per cent of the global GDP translating to between 800 billion to one trillion US dollars.

He described the laundering as a serious hemorrhage to economies from which Botswana had not been spared.

Noting that Botswana was both ESAAMLG member and TAFT affiliate, Mr Kgathi said the country was obliged to implement the plethora of recommendations passed by the two organisations to reduce and eliminate money laundering and terrorism financing incidents as well as the financing of proliferation of weapons of mass destruction.

He further said the 2014 Proceeds and Instruments Crime Act, the 2014 Anti-Human Trafficking Act and the Financial Intelligence Agency Act were examples of the laws Parliament had passed not only to implement ESAAMLG recommendations but also to defeat and prevent money laundering and terrorism financing.

Minister Kgathi noted the public outcry on case backlog and delays in delivering judgments pointing out that government and the nation at large looked up to the Administration of Justice to deliver justice for all and to create an enabling and conducive environment for justice.

  Justice, he said, must not only be done but must also be seen to be done, and it must be felt and experienced by all.

  “It is through this fundamental principle of law which among others would make Botswana the destination of choice,” Mr Kgathi said. Ends