18 Dec 2024

Out of 40 Financial Action Task Force (FATF) recommendations, Botswana has seven that are still outstanding. 

The Vice President and Minister of Finance, Mr Ndaba Gaolathe said when motivating for the Financial Intelligence (Amendment) Bill 2024 to proceed on a certificate of urgency by Parliament.

He said the recommendations were either rated as non-compliant or partially compliant, hence he said in preparation for the third round of mutual evaluations of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) member countries, Botswana had to submit a follow-up progress report with a request for re-rating of the seven outstanding FATF recommendations.

Cut-off date of submission is February 2025, which can put the country in a heightened risk of being included in the list of countries under increased monitoring, he said.

Mr Gaolathe said grey listed countries had deficiencies in their anti-money laundering, counter-financing of terrorism and proliferation framework and therefore, said the bill was urgent for Parliament consideration although published in the Government Gazette of November 25 this year and had not yet matured.

Mr Gaolathe also presented the Virtual Assets Bill of 2024, to regulate the sale and trade of virtual assets, licensing of virtual asset service procedures and issuers of initial token offering and to provide for matters connected, incidental and related thereto.

Meanwhile, Leader of Opposition, Mr Dumelang Saleshando cautioned the executive against bringing bills to Parliament under the certificate of urgency.

Mr Saleshando’s caution followed  application by the Minister of Labour and Home, Affairs Maj. Gen. Pius Mokgware, to bring the Societies’ (Amendment) Bill 2024, which sought to amend the Societies Act.

Mr Saleshando said although he was not opposed to the bills, all those brought on the certificate of urgency denied parliamentarians an opportunity to consult with their electorate and other stakeholders hence said in future, MPs should be given time to consult with constituency members.

He further said the previous government had developed a trend of bringing bills under the certificate of urgency and cautioned the new government to avoid the same pitfall.

Member of Parliament for Tswapong North and Minister of Higher Education, Mr Prince Maele supported the bill, saying it sought to address deficiencies in the existing law.

Mr Maele said the urgency was not to bring a totally new law but only addressed the FATF recommendations on anti-money laundering, counter financing of terrorism and counter proliferation.

 When requesting Parliament to allow the bill on the certificate of urgency, Maj. Gen. Mokgware said it would address the deficiencies in the act for the purposes of complying with the Financial Action Task Force.

He said compliance with the Financial Action Task Force recommendation was pivotal for the country’s economy, adding that amendment would facilitate the country’s commitment to FATF standards. 

Other bills which were brought on urgency certificate were Trust Property Control (Amendment) Bill 2024, Companies (Amendment) Bill of 2024 and Public Service (Amendment) Bill of 2024. ENDS