28 Oct 2023

The Financial Intelligence Agency (FIA) is already taking steps to prepare the country ahead of the 2027 mutual assessment and avert the possibility of being grey listed again. FIA Director General, Ms Bopelokgale Soko, told press briefing on Thursday that after overcoming the 2018 grey listing, the country was mindful of falling short again. Hence, she said FIA would dedicate the commemoration of its 10th anniversary to raise public awareness, so that all appreciated their role in anti-money laundering and combating the financing of terrorism.

“There is evidence that shows that the level of awareness on anti-money laundering and combating the financing of terrorism issues is very low across all sectors of the economy,” she said. Ms Soko noted that complying with the Financial Action Task Force (FATF) standards was not easy. For instance, in the past 36 months, all countries evaluated in the Eastern and Southern Africa Anti-Money Laundering Group region were found with significant deficiencies and therefore grey listed, something the country wanted to avert.

The press conference was also to officially launch the FIA Annual Report for the year ended March 31, 2023. Ms Soko said the report was presented before Parliament during the last seating as required by the law. She said the report covered the period when the activities in the international economies slowed down due to the COVID-19 pandemic and when the country was grey-listed.

FIA deputy director, Ms Susan Mangori, said the report also covered critical areas such as the agency’s growth, adding that they have entered into agreements with other international and domestic organizations. She said FIA continued to receive suspicious transactions alerts from reporting entities, adding that for the period under review, 565 reports were made, representing an increase of 64 per cent.

Ms Mangori said the reports also highlighted the country’s removal from grey listing which was a major achievement. Senior assistant director, Ms Daina Maboe, said it had been proved that members of the public unaware aided anti-money laundering and combating the financing of terrorism. “In most instances, people are involved or aid commission of financial crimes because they are ignorant,” she said. Hence she said it was critical to raise awareness and prepare the country for the next review. Apart from launching the annual report, the press briefing also kick-started activities for the commemoration of FIA’s 10th anniversary. ENDS.