• BSB’s net profit jumps 230%July 9, 2025
    Delivers P76.8m net profit from P23.3m   RelatedPosts BSB’s net profit jumps 230% BPP feasting on the BDP CEOs face axing STAFF WRITER editors@thepatriot.co.bw   Botswana Savings Bank (BSB) has hailed its bold three-year strategy – Lesedi 2022-2025 –… Read more: BSB’s net profit jumps 230%
  • BPP feasting on the BDPJuly 8, 2025
    Welcomes defecting BDP members Ex-minister Makgalemele dumps BDP to join BPP Motive of some seen as opportunistic BAKANG TIRO editors@thepatriot.co.bw RelatedPosts BSB’s net profit jumps 230% BPP feasting on the BDP CEOs face axing A strategic partner in the… Read more: BPP feasting on the BDP
  • STRIDES FOR SUCCESS: VACANICESJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • FARM TRAQUAIR : FARM WORKERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • UNIVERSITY OF BOTSWANA : Professor in SociologyJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
  • Login
  • Register
Thursday, July 10, 2025
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Subscribe
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home News

Botswana risks being blacklisted

patriot by patriot
January 14, 2021
in News
242
0
491
SHARES
1.4k
VIEWS
ShareShareShare

Botswana risks being blacklisted by international organisations by the year 2022 due to lack of sufficient policies and legislations to curb money laundering. This was brought to the fore by Mothusi Obateng, a Financial Crime Risk Manager at First National Bank (FNB) during a fraud awareness symposium in Francistown mid-week.

Obateng said currently Botswana has been grey listed and is on the brink of being blacklisted if the authorities do not act swiftly to come up with legislation that will curtail money laundering and financing of terrorism acts. “As Batswana we trust a lot and we lack knowledge about money laundering. In many incidents we exercise a lot of trust without carrying out due diligence before carrying out financial transactions. Many people are always willing to let strangers to deposit cash into their bank accounts without interrogating about the source of such funds and that is a recipe for disaster as it can be a breeding ground for money laundering,” Obateng underscored. Such tendencies, Obateng observed, landed Botswana in hot water leading to the grey listing.

RelatedPosts

BPP feasting on the BDP

CEOs face axing

Boko’s hot POTATO

According to Obateng, one of the reasons that led to Botswana being grey listed is failure to comply with international standards and to carry out due diligence before undertaking   financial transactions. He dismissed the perception that terrorists financing is only done through dirty money stating that in the modern day, terrorism financing can be done through clean money as people can even apply for loans to finance such inhuman acts. Obateng told the gathering that the reason why terrorists prefer to use dirty money is that most of them have been sanctioned and blacklisted which means they cannot do any legitimate business hence they resort to selling drugs to finance their activities. He highlighted that there are three stages of money laundering which are; placement, layering and integration.  Obateng mentioned that money launders are very smart and they always come up with tricks to hide the source of their funds and avoid the long arm of the law. He pleaded with the attendants to always ask the relevant questions before accepting to carry out financial transactions for strangers.

To avoid being black listed, Obateng said Botswana is currently reviewing the Financial Intelligence  Act to tighten the grip and close loopholes that can breed money laundering. He opines that parliament has reviewed fines imposed on those that fail to abide by the financial intelligence act as a way of curbing money laundering.

Related

Tags: Botswana

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

WUC acting CEO lie -Moswaane

Next Post

Changing perceptions about special needs children

Related Posts

BPP feasting on the BDP
News

BPP feasting on the BDP

July 8, 2025
CEOs face axing
News

CEOs face axing

July 7, 2025
Boko’s hot POTATO
News

Boko’s hot POTATO

July 7, 2025
Tshekedi in BPF race
News

Tshekedi in BPF race

July 2, 2025
Motsepe, Butterfly’s last laugh
News

Motsepe, Butterfly’s last laugh

June 30, 2025
ILLEGAL WILDLIFE TRADE RISING
News

ILLEGAL WILDLIFE TRADE RISING

June 25, 2025
Next Post
Changing perceptions about special needs children

Changing perceptions about special needs children

Please login to join discussion
  • BSB’s net profit jumps 230%July 9, 2025
    Delivers P76.8m net profit from P23.3m   RelatedPosts BSB’s net profit jumps 230% BPP feasting on the BDP CEOs face axing STAFF WRITER editors@thepatriot.co.bw   Botswana Savings Bank (BSB) has hailed its bold three-year strategy – Lesedi 2022-2025 –… Read more: BSB’s net profit jumps 230%
  • BPP feasting on the BDPJuly 8, 2025
    Welcomes defecting BDP members Ex-minister Makgalemele dumps BDP to join BPP Motive of some seen as opportunistic BAKANG TIRO editors@thepatriot.co.bw RelatedPosts BSB’s net profit jumps 230% BPP feasting on the BDP CEOs face axing A strategic partner in the… Read more: BPP feasting on the BDP
  • STRIDES FOR SUCCESS: VACANICESJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • FARM TRAQUAIR : FARM WORKERJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
  • UNIVERSITY OF BOTSWANA : Professor in SociologyJuly 7, 2025
    RelatedPosts STRIDES FOR SUCCESS: VACANICES FARM TRAQUAIR : FARM WORKER UNIVERSITY OF BOTSWANA : Professor in Sociology
The Patriot On Sunday

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?