Probe cites IFSCs as money laundering, tax evasion hotspots

Friday, April 27, 2018

International Financial Services Centres (IFSCs) have emerged as the country’s top sources of money laundering and tax evasion. This is according to the latest report by Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

The report attributed the high vulnerability in the IFSC segment to lack of cross border supervision and monitoring, as most of them are foreign-owned.

Locally some of the IFSC-accredited firms include giant corporations such as Letshego Holdings, Choppies, Motovac, Flotek, a range of asset firms, financial services units and others.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Advancing social justice and decent work in Africa: A blueprint for change

FANFAN RWANYINDO KAYIRANGWA* | 2d ago

Staying safe amidst the electoral frenzy as journalists brace for October election

Thomas Nkhoma | 2d ago

Cultures Spears makes waves in the SA market

Lesedi Mkhutshwa | 2d ago

Sephobe for Miss Royal International Florida

Nnasaretha Kgamanyane | 2d ago

Teen carves promising artistic path

Nnasaretha Kgamanyane | 2d ago

Koolkat Motyiko's single unravels rich tribal music tapestry

Goitsemodimo Kaelo | 22 h ago

Stakeholders must step up veggie supply

The Ministry of Agriculture, local producers, retailers, and industry associations must work together to overcome the obstacles hindering vegetable production and distribution.This collaborative approach is essential to improve the availability, quality, and affordability of vegetables in the market.Firstly, the Ministry of Agriculture should provide support and guidance to local farmers to enhance their productivity and efficiency. This could...

The Monitor Editor | 29 April 2024

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More