A new alliance

Financial Stability Council set to fight money laundering

The Financial Stability Council, comprising of four institutions in the financial and capital markets, has been launched.

The council is composed of the leadership of Ministry of Finance and Economic Development (MFED), Bank of Botswana (BoB), Non-Bank Financial Institutions Regulatory Authority (NBFIRA), and Financial Intelligence Agency (FIA).

Launching the Council recently, BoB Governor Moses Pelaelo stressed that the body was not established to usurp or dilute the role of these institutions.

“Rather, it is to share information and, where desirable, facilitate a collective and coordinated approach to financial sector monitoring frameworks and crisis resolution,” explained the Governor.

The Council is further expected to play a critical role in safeguarding the integrity of the financial system.

The group undoubtedly has its work cut out. Among the issues that it looks to address are challenges relating to money laundering, as well as combating the financing of terrorism.

“Cooperation and collaboration among the Council members will be critical in the timely update and renewal of legislation and policies to retain and improve the effectiveness of supervision, monitoring and guidance for the financial sector,” declared Pelaelo.

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