Tighter 'dirty money' laws squeeze banks, insurers

Friday, September 20, 2019

Fairgrounds is home to many of the entities affected by the new FIA act. PIC: MORERI SEJAKGOMO

Banks, insurance companies and a host of other financial sector actors now bear the brunt of the country's fight against ‘dirty money,' with a new law threatening fines of up to P20 million, licence revocation and jail terms for violations.

The new Financial Intelligence Act kicked in on September 4, officially repealing its 10-year old predecessor whose loopholes eventually led to the greylisting of Botswana by global money laundering authorities.

Last June, Parliament passed amendments to tighten the old Act. But apparently under pressure from global anti-money laundering authorities, the Finance Ministry decided to repeal the entire Act and introduce the new one that kicked in earlier this month.

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Tighter 'dirty money' laws squeeze banks, insurers

Banks, insurance companies and a host of other financial sector actors now bear the brunt of the country's fight against ‘dirty money,' with a new law threatening fines of up to P20 million, licence revocation and jail terms for violations.

Ditshwanelo deeply alarmed

BCP calls for urgent all party conference

The voter registration crisis for 2024 General Election

Time to pass a baton to the young

Electoral violence undermines democratic consolidation

At first glance

Bravo police for prompt action

Lerala’s fate to be clear by Christmas

Bravo police for prompt action