Online Version

Facebook Feed

  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
  • About Us
  • Advertise
  • Disclaimer
  • Contact Us
  • Login
  • Register
Saturday, January 28, 2023
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
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 10
0
Botswana risks being blacklisted
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.

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
  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
The Patriot On Sunday

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

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

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In
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?