NBFIRA Underscores the Role of Accountants in Economic Development & Fighting Financial Crime
Addressing guests at the Botswana Institute of Chartered Accountants (BICA) Annual Dinner Dance in Gaborone, Chief Executive Officer of NBFIRA Mr. Oaitse M. Ramasedi lauded the accounting profession for its critical contribution to economic development and governance, as well as in fighting financial crime. The event was held on 26th of April, 2019 under the theme ‘The Role of Accountants in combating global financial crimes in Botswana’s dynamic economic landscape’.
During his Keynote address, Ramasedi stated that strong financial management is crucial in paving the way for more accountable and transparent institutions. He encouraged accountants to continue providing strategic direction be it in business, the public sector, academia or in the regulatory sphere and to remain cognizant of the critical role they play in the socio-economic development of the nation and the protection of its reputation.
To accentuate the point, Ramasedi referenced a 2015 study by the International Federation of Accountants (IFAC) which definitively linked a strong accountancy profession to national economic growth and improved living standards for citizens. The study found that the accountancy profession contributes USD$575 billion gross value added (GVA) annually to the global economy. He also expounded that research has shown that the imperative role of the accountancy profession in the attainment of the United Nation’s Sustainable Development Goals (SDGs) has led professional accountants to reassess their roles because of the SDGs and corporate sustainable development.
Ramasedi remarked that the sense of responsibility toward ethical conduct and the need to protect the public interest should compel accountants to fight financial crime. He acknowledged that the listing of any country by the Financial Action Task Force (FATF) breeds negative business and reputational ramifications. In this regard he added that Botswana’s listing by the FATF calls for local supervisory authorities including BICA, NBFIRA, and the Botswana Accountancy Oversight Authority (BAOA) to work closely with the national coordinator for fighting financial crimes, being the Financial Intelligence Agency, to address and close the gaps identified by the FATF. “All this is in effort to strengthen Botswana’s governance architecture and have Botswana delisted by FATF”, said Ramasedi. He closed with a call to the profession to strive to be compliant with relevant regulation.
