(Edited by System Administrator - original submission Wednesday, 31 August 2022, 10:32 AM)
Money laundering and terrorist financing and other related commercial risks pose a significant threat to the stability of the financial system. The recent announcement that Botswana has been Grey listed by the Financial Action Task Force (FATF) for noncompliance in anti-money-laundering efforts. FATF is an inter-governmental body established to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing (FATF). The grey listing has necessitated prompt action by all, most especially the banking and finance sector as it is highly susceptible to abuse by perpetrators of money laundering and terrorist financing.