Africa-Press – Botswana. The Financial Intelligence Agency (FIA) has recorded 565 suspicious transaction reports worth just over P2 billion in the 2022/23 financial year.
This was a 64 per cent increase in filed transactions from the previous year.
FIA’s 2022/23 annual report explains that the increase in numbers can be attributed to a number of reasons including the increase in the number of registered reporting entities and the rise in awareness and understanding as a result of the awareness activities undertaken in the past five years.
The banking sector recorded the highest number of suspicious transaction reports in terms of number and value, with 393 reports made with a total value of P1.7 billion. This was 70 per cent of total suspicious transaction reports received.
Bureaux de Change came second with 57 reports valued at P1.4 million.
Other suspicious transaction reports were from casinos, credit unions, customs, insurance brokers, legal practitioners, pawnshops, micro-lenders, security dealers, virtual asset service providers, development financial institutions, real estate and medical aid schemes.
FIA noted that the banking sector report increased exponentially from 151 reports in 2021/2022, denoting an increase of 160 per cent.
The significant increase was attributed to, among others, increased economic activity following the COVID-19 period which was characterised by a stagnation in the economy.
The Financial Intelligence Act obligates reporting entities to file suspicious transaction reports with the agency within a prescribed time. The organisation describes a suspicious transaction as any that gives rise to a reasonable suspicion that it may involve the commission of a financial offence.
In her overview, FIA Director General, Ms Bopelokgale Soko, highlighted that agency had a critical role to the fight against money laundering and terrorism financing.
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