As a result, Minister of Lands and Agriculture, Dr Edwin Dikoloti has urged practitioners to participate meaningfully in consultations on the proposed amendments and understand the importance of the reforms. “This is important because the integrity and credibility of the property market are closely linked to the quality of information maintained by professionals and the effectiveness of the systems through which property transactions are conducted,” he said. Speaking at a recent property industry engagement, Dikoloti added that the amendments would, amongst other objectives, strengthen alignment between regulation of the real estate profession and the requirements of the Financial Intelligence Act.
The review comes as Botswana prepares for the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Mutual Evaluation scheduled for 2027. The exercise will assess the country’s compliance with revised Financial Action Task Force (FATF) standards on Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF). Additionally, the Minister called on the practitioners to maintain adequate, accurate and up-to-date basic and beneficial ownership information relating to legal persons and legal arrangements, where applicable.
