Key anti-money laundering law takes effect

Friday, February 22, 2019

A key statutory amendment requiring all companies that will register in the country to disclose their beneficial ownership, took effect on Tuesday, as authorities step up a fight against money laundering and other dirty dealing in the economy.

Last Wednesday, the European Union added Botswana to a list of 23 jurisdictions it intends to approve soon as a global blacklist for money laundering and terrorism financing. Other countries on the list include Nigeria, Iran, Pakistan and Panama.

The beneficial ownership law was passed last year and was expected to kick off in June 2019, to coincide with a countrywide company re-registration exercise, moving all entities to an online platform allowing public perusal of shareholding and beneficial shareholding.

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Key anti-money laundering law takes effect

A key statutory amendment requiring all companies that will register in the country to disclose their beneficial ownership, took effect on Tuesday, as authorities step up a fight against money laundering and other dirty dealing in the economy.