Botswana bourse plans anti-money laundering and counter financing of terrorism workshop
Gaborone, Botswana (PANA)- The Botswana Stock Exchange (BSE) will from 21-25 August hold an Anti-Money Laundering and Counter Financing of Terrorism(AML/CFT) workshop involving all entities that are relevant to national AML/CFT laws.
These include Commercial Banks, Primary Mortgage Institutions , Micro Finance Banks, Finance Companies, Bureaux de change (BDCs), Money Service Businesses, Stock brokers, Trust Fund and Assets Managers.
According to BSE, in 2018 large financial institutions across the globe were caught in money laundering scandals.
The Commonwealth Bank of Australia (Australia’s largest bank), Danske Bank (Denmark’s largest bank) and ING Bank (a large Dutch bank) have been investigated and in the case of CBA and ING fined substantially by regulators.
BSE said in every AML/CFT case where an institution has been fined or caught in a scandal, the cause was preventable.
The AML/CFT Workshop has been designed to equip reporting entities with the knowledge and skills to understand their obligations under relevant laws and regulations of the country they operate in, including implementing an effective risk-based approach to combat money laundering and terrorism financing and their reporting obligations.
This subject is said to be specific to Botswana and will address the meaning of a “Specified Party”, their AML/CFT responsibilities including reporting obligations and the role and function of the Financial Intelligence Agency of Botswana and the criminal money laundering laws of Botswana.
The workshop will also discuss International Responses to Money Laundering, major responses to combat money laundering that will be introduced including an overview of the role and function of the Financial Action Task Force, regional anti-money laundering bodies, the Egmont Group of Financial Intelligence Units and international conventions designed to combat money laundering, transnational crime and corruption.
Participants will be introduced to the money laundering cycle and the type of predicate crimes that are often linked to money laundering and knowing their customers.
-0- PANA MS/AR 25June2019
