Unpacking the man behind the business

Fighting back: The local financial sector is implementing KYC to combat money laundering PIC: MOREMI SEJAKGOMO
Fighting back: The local financial sector is implementing KYC to combat money laundering PIC: MOREMI SEJAKGOMO

Business has become virtually important for money launderers or tax evaders. With money launderers or tax evaders now preferring to use cash-based companies as these companies prefer their customers to pay with cash for their goods and services.

Where there are high volumes of cash transactions in the business, money launderers are most likely to partner with those kinds of businesses to increase the regulator’s impossibilities of tracing the initial recipient of the dirty money.

Where there is partnership formed between the launderer and the cash-based company, the launderer deposits/invest its money into the company which then deposit all the money into its business accounts (dirty money mixed with clean money). Fake invoices and receipts will be created by the company to account for the cash (dirty money).

Editor's Comment
Urgent call: Stop the killing!

The previous week, we had an article about a police officer shooting his wife, and turning the gun on himself, whilst he died, his wife survived and is still in the hospital.Sadly that was not the only article we carried on intimate partner killings. There was the Francistown case, where a young woman allegedly stabbed her ‘former boyfriend’ and many others which were reported throughout the week.As all the reports were coming in, a Botswana...

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