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GREY LISTING OF BOTSWANA BY FINANCIAL ACTION TASK FORCE (FATF)

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04 Mar, 2020

The International Cooperation Review Group (ICRG) Action Plan to Botswana outlines six (6) Key Actionable Items with timelines, which Botswana has to implement fully in order to address the strategic deficiencies identified by the Mutual Evaluation Review.

Financial Action Task Force (FATF), some Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Acts were amended in the July – August 2019 meeting of Parliament to close the gaps identified during the re-rating of Botswana laws. The Acts, which have since commenced are as follows:

  1. Financial Intelligence Act, 2019
  1. Trust Property Control (Amendment) Act, 2019
  1. Companies (Amendment) Act, 2019
  1. Companies Re-Registration (Amendment) Act, 2019
  1. Registration of Business Names (Amendment) Act, 2019
  1. Registration of Business Names Re-Registration (Amendment) Act, 2019

The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Council of Ministers, at the meeting held in Eswatini on the 6th September 2019, noted Botswana’s re-rating of 32 Recommendations by ESAAMLG. Botswana continues to report progress on the ICRG Action items three times a year. The last report was submitted in December 2019 followed by face to face meeting between the reviewers and Government Officials. We are awaiting feedback from the Review Group on the progress made so far.