CONCERNED: Pelaelo

Bank of Botswana (BoB) Governor, Moses Pelaelo, has expressed concern over personal greed and reported governance failures in the financial sector.

As the country finds itself engulfed in alleged corruption cases believed to be involving millions of Pula thought to have been misappropriated, the central bank says this has a potential to erode fiduciary responsibilities and undermine public confidence in the financial markets.

Speaking this week (Monday) at the launch of the Monetary Policy Statement (MPS), Pelaelo noted the bank will, however, do all that is necessary to preserve the integrity, safety and soundness of the financial system.

“This will include working tirelessly to support Government actions and programmes, coordinated by the Financial Intelligence Agency, in continuing to build a robust and sustainable Anti-Money Laundering and the Combating of the Financing of Terrorism architecture for this country,” said the Governor.

The bank is also set to sign agreements with other key regulatory authorities in the financial sector, including the Non-Bank Financial Regulatory Authority (NBFIRA) and Financial Intelligence Agency (FIA).

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