Botswana tightens legal loopholes to plug illicit financial flows

Lawmakers recently approved a bill that will create a freely accessible public database of active companies indicating direct, indirect and beneficial ownership, measures designed to ensure that these companies are not used for money laundering, terrorism funding or other illicit financial activities.

 “I don’t think the new law can totally eliminate money laundering and other illicit practices, but that’s definitely a tool to reduce this and make businesses as honest as possible, which is welcome,” Botswana Exporters and Manufacturers Association (BEMA) president, Nkosi Mwaba says.