Botswana’s financial system has been rocked by a staggering P6.29 billion in suspected illicit proceeds generated over just four years.
This is contained in a National Money Laundering and Terrorist Financing Risk Assessment by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) which exposes deep cracks in oversight, enforcement and the rule of law. The report which was released last week paints a grim picture of a country battling a growing tide of dirty money with banks, real estate and financial institutions at the centre of the storm.
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