FIA study exposes troubles in some Asian businesses :: Mmegi Online

The country’s dirty money watchdog, the Financial Intelligence Agency, says a study into transactions made in Botswana and destined for some Asian countries, has shown troubling red flags, including new accounts being used to make large deposits that are immediately transferred out.

While the country’s regulators, including the Botswana Unified Revenue Service, have previously pointed to the possibility of tax avoidance and dirty money amongst some local businesses with owners of Asian origin, FIA’s study is uncharacteristically blunt in its findings of red flags within the community.

According to the FIA latest annual report released on Thursday, the study was carried out in the 2023-24 financial year and “was triggered by an observed trend of large cash deposits into bank accounts held by companies owned by people of Asian origin”.

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FIA study exposes troubles in some Asian businesses

The country’s dirty money watchdog, the Financial Intelligence Agency, says a study into transactions made in Botswana and destined for some Asian countries, has shown troubling red flags, including new accounts being used to make large deposits that are immediately transferred out.

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