What are you doing to ensure that illegal funds are not invested through the BIFSC?
The Botswana IFSC is structured as a transparent, open business location with high standards of regulation and a rigorous screening and project approval process. The Bank of Botswana, the IFSC’s designated regulator, uses Interpol, amongst others, to screen companies before they are approved. There is strong legislation to protect Botswana’s reputation as a financial location specifically to combat money laundering, fraud and terrorism. The stringent vetting and screening process coupled with adherence to international anti money laundering treaties ensures that only organizations of good repute are allowed to set up in the IFSC. We have several pieces of legislation such as Proceeds of Serious Crime Act and Corruption and Economic Crime Act and are a signatory and accede to International Conventions combating money laundering and financing of terrorism.
