Govt optimistic of greylisting removal

The FATF, the world’s leading multinational anti-money laundering agency, placed Botswana on its greylist in 2018 citing deficiencies in its money laundering structures, leading the European Union to place the country on a blacklist in 2019.

The listing increases the cost of local financial institutions doing business with international banks and other organisations due to the higher due diligence that will be applied to them. There are also delays in funds being transferred to and from Botswana, due to the need for greater due diligence.