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.

Rollers unveil 10 new players

Boitumelo Khutsafalo | 10 h ago

SABF members sign Code of Good Business Practice

Larona Makhaiza | 10 h ago

Women in Mining Conference on the cards

Pauline Dikuelo | 11 h ago

Botswana records another doping case

Calistus Kolantsho | 11 Sep 2024

BBS Bank turns first profit

Mbongeni Mguni | 11 Sep 2024

Premier League Matchday 4: Major fireworks expected at the Tottenham Hotspur Stadium. Catch it ALL on DStv

Staff Writer | 11 Sep 2024

RAMOJAKA music festival to combat cross-border crimes

Lesedi Mkhutshwa | 11 Sep 2024

Zebras expected in Francistown at 11:45am

Mqondisi Dube | 10 Sep 2024

Ditlhopho di tsile: Vote wisely

This is a significant moment for our democracy, and it is crucial that every eligible voter takes part in shaping the future of our nation. This is a call to action for all the registered voters and stakeholders to ensure a smooth and informed electoral process.First and foremost, if you are a registered voter, now it is the time to get ready. Ensure that you have your voter registration card and identity card (Omang) in order. If you have...

Mmegi Editor | 06 September 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