NBFIRA raises awareness on AML/CFTP within the NBFI Sector

In pursuit of its mission to contribute toward the nation’s financial stability,  NBFIRA is undertaking country-wide workshops to raise awareness against Money laundering, Terrorism and Proliferation financing activities within the Non-Bank Financial Institutions (NBFIs) sector.  The Authority is holding workshop in several towns including Palapye, Francistown and Ghanzi.

• Money Laundering activities are those that attempt to or hide true origin of money, property or proceeds of an earlier offence such as drug or human trafficking, corruption, misappropriation of assets, embezzlement of funds, fraud, theft, forgery etc.
• Terrorist Financing refers to funding terrorism groups or terror attacks which may involve proceeds of crime.
• Proliferation Financing is the funding of the production of weapons, i.e. chemical weapons, nuclear weapons, biological weapons etc.

NBFIRA plays a supervisory role in ensuring the NBFI sector is compliant with local laws and international best practices on issues of Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFTP). The Authority is therefore part of the collaborative nationwide effort working toward the de-listing of Botswana by the Financial Action Task Force (FATF/ICRG). FATF sets international standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. 

The Financial Intelligence Agency (FIA) (Botswana), is the apex body for AML/CFT supervision, while NBFIRA and other sectoral regulators are recognised as AML/CFT supervisory authorities for their respective sectors under the Financial Intelligence Amendment Act (FI Act) & Regulations 2018 (FI Regulations).