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.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Green power: The country is advancing various renewable energy projects

Govt inks $4bn renewable energy deal with Indian firm

Mbongeni Mguni | 21 h ago

Detained Mexican 'Drug Kingpins' wanted in Mozambique

Larona Makhaiza | 21 h ago

Greater Gaborone gets P534m hi-tech traffic eye

Larona Makhaiza | 21 h ago

Ramogapi, Palapye’s dapperly garbed legislators

Ryder Gabathuse | 12 Dec 2025

Citizenship isn't for sale—Mokgware

Goitsemodimo Kaelo | 2d ago

Intervene early, don't rely on death penalty—Boko

Opelo Rakereng | 2d ago

Micro-procurement maze demands urgent reform

The Monitor Editor | 2d ago

Christmas tree charcuterie

Michelle Phetlhe | 2d ago

Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

The Monitor Editor | 16 December 2025

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

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.

Govt inks $4bn renewable energy deal with Indian firm

Detained Mexican 'Drug Kingpins' wanted in Mozambique

Greater Gaborone gets P534m hi-tech traffic eye

Ramogapi, Palapye’s dapperly garbed legislators

Citizenship isn't for sale—Mokgware

Intervene early, don't rely on death penalty—Boko

Micro-procurement maze demands urgent reform

Christmas tree charcuterie

Micro-procurement maze demands urgent reform