Connect with us

Hi, what are you looking for?

Seeking the light
Seeking the light
CONFIDENT: Peggy Serame

Business

Seeking the light

Botswana hopes to be removed from grey listing next month

Minister of Finance and Economic Development, Peggy Serame says the country is quietly confident of being removed from its current greylisting by the Financial Action Task Force (FATF) and European Union (EU) blacklisting.

This follows a visit by an entourage from FATF and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

Speaking during a press briefing on Tuesday, Minister Serame said the team will compile a report to be submitted at a meeting next month where recommendations will be made to remove Botswana from FATF grey-listing and subsequently EU blacklisting.

“When you are removed from FATF grey-listing, usually you are subsequently removed from EU blacklisting. So are we are waiting for the results in October and we are very hopeful,” declared Serame, who took over the Finance reigns in April.

The Minister believes the signs of a positive outcome are promising as when they met with the FATF and ESAAMLG teams, it was acknowledged that the country is making progress.

She revealed FATF also suggested that should Botswana encounter any challenges towards addressing its compliance deficiencies, the institution, together with other countries, are ready to assist.

Advertisement. Scroll to continue reading.

“While waiting for October, we continue to make progress. We have been in another meeting as ESAAMLG where were met as the council of Ministers where it was also said Botswana is making much progress.”

Before this, to comply with FATF and EU demands, in 2018 Botswana passed 25 laws at a go, followed by an additional six.

In a recent sitting that closed last Friday, parliament passed the Financial Intelligence Amendment Act, which Serame explained will put more focus on beneficial owners.
By beneficial owner, she said more emphasis will be made on tracing the exact owner of the company.

Botswana was previously found to be lacking in areas of risk and mitigation coordination; supervision and enforcements; analysis and dissemination of financial intelligence; United Nations Security Council Resolutions and terrorism financing investigation among others, leading to the country being grey-listed by FATF and blacklisted by EU last October.

“It is very important for investors and other stakeholders to have absolute confidence in our financial system,” concluded the Minister, adding this is why Botswana has enacted many laws to address compliance deficiencies.

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

News

In an urgent application filed by Member of Parliament (MP) for Lobatse, Thapelo Matsheka’s, wife, Veronica Matsheka at the Lobatse high Court yesterday, the...

News

WATCH: In case you missed yesterday’s High Court judgement when Justice Gaolapelwe Ketlogetswe ruled against the detention of Lobatse Member of Parliament (MP) Thapelo...

Business

WATCH: A research by the Faculty of Engineering at University of Botswana has produced a blended biodiesel that is said to be much cheaper...

Politics

Former Minister of Defence and Botswana Democratic (BDP) Deputy Secretary General, Shaw Kgathi, has thrown his name in the hat for the Secretary General...

News

WATCH: The Court of Appeal has set aside nine strokes of the cane that were to be administered on petty criminal, Temogo Radidiba (white...

News

Passenger relives horror A3 crash that killed 16. “Piercing screams of dying people and those in pain were the only sounds one could hear...

Latest News

Supermarket launches grocery coupon scheme Payless Supermarket has launched a grocery coupon scheme which will allow customers to buy food commodities on credit and...

News

Father strangles son then commits suicide A Tutume family have been ripped apart by a suspected murder-suicide which left a little boy dead and...

News

Kopong ‘hitman’ locked up for a decade An alleged hitman who was hired to kill a teacher in Kopong has been locked up for...

Politics

BDP MP reports councillor for threat to kill Botswana Democratic Party (BDP) Letlhakeng Sub-District Council Chairperson also Councillor for Mantshwabisi, Meshack Tshenyego, has appeared...

News

Cricket lovers were a happy lot on Tuesday following Zimbabwe’s victory. It was actually breaking news and I immediately thought of my charming Sub...

Advertisement
Exit mobile version