Sunday, March 3, 2024

Private sector asked to help fight money laundering

Heads of corporate organizations, individuals and businesses have been cautioned against thinking that fighting money laundering is the task of the banking sector alone, rather than the collective responsibility of the whole society.

They were advised that as long as they actively participate in the economy they have an obligation to prevent money laundering.

Botlhale Makgekgenene, Deputy Director (Policy) in the Directorate on Corruption and Economic Crime (DCEC) said, “You need to recognize the fact that your organizations are potential vehicles for the cleansing of dirty money. It is important that as we do business we do not concentrate only on making profit but also focus on the development of sound anti-money laundering measures in your respective areas of operation.”

The DCEC official said failure to recognize their obligation can result in businesses being prone to abuse as tunnels for funneling dirty money. Therefore, she said, reviewing measures already in place with a view to devising new ones is the way to start. She said it is important for all sectors of the economy to have a cadre of professionals who are sufficiently trained in anti-money laundering strategies.

“It is even more crucial that a network of anti-money laundering professionals is established’, said Makgekgenene.

It is expected that networking will guarantee cooperation between various stakeholders, thereby broadening the anti-money laundering crusade.

This was said during a seminar hosted by the Director of Corruption and Economic Crime at Cresta Lodge for delegates from various corporate organizations, insurance companies and Botswana Confederation of Commerce and Industry Manpower (BOCCIM).

According to Jackson Madzima, Senior Assistant Director (Training), DCEC is seeking a broad partnership with the private sector in the fight against money laundering.
“We want to widen our scope beyond just people and institutions mentioned in law as dealing in finance, but to also target everyone charged with the responsibility to handle cash” said Madzima.


Read this week's paper