Eleng Mugabe updated DLG on new laws and regulations relating to (i) the Banking (Amendment) Bill No.11 of 2018 and (ii) the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) Tribunal Regulations, S.I No. 80 of 2018 .
The purpose of the amendments to the Banking Act are to harmonise Botswana’s banking legislation by implementing the Financial Action Task Force recommendations on anti-money laundering and combatting the financing of terrorism. The amendments (i) address the issues of dual reporting of suspicious transactions, as a result of the coming into effect of the Financial Intelligence Act and (ii) expand the list of situations in which a banker would not be bound by confidentiality.
The NBFIRA Tribunal Regulations establish a specialised tribunal (adjudicating body) to review decisions passed by NBFIRA, under the NBFIRA Act.
