Botswana committed to comply with anti-money laundering regulations

money laundering
money laundering

The government of Botswana has announced its commitment to comply with anti-money laundering regulations after being included by the European Union (EU) in the list of high risk countries with regards to money laundering and terrorism financing activities.

In a statement released by the Ministry of Finance and Economic Development on Friday, the Ministry confirms that they have received communication from the EU on May 6 that the country faces the possibility to be blacklisted by the European bloc on October 1, 2020, if they do not address the issues that led to the listing.

The statement by the Permanent Secretary in the Ministry Wilfred Mandlebe said the government takes this issue very seriously as it has the potential to tarnish the image and the international profile of the country.

It further said the issue raised by the EU form the substance of the Financial Action Task Force (FATF) action plan and Botswana remains committed to completing the plan within the agreed time period.

Mandlebe said the Ministry will continue to engage the EU with the intention of resolving the issue.

“As we remain committed to the global fight against money laundering and terrorist financing, and in the spirit of transparency and partnership, we will work with all technical assistance providers, including the EU to ensure compliance with the relevant regulations,” reads part of the statement.

Last week, the EU published information mentioning Botswana in the list of countries that pose financial risks to the EU because of non-compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

Botswana was part of the four newly added countries that also includes Ghana, Mauritius and Zimbabwe. Enditem

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