CBE CLAMPS DOWN ON MONEY LAUNDERING
Central Bank of Ewsatini Governor Majozi Sithole

CBE CLAMPS DOWN ON MONEY LAUNDERING

Following technical assistance received from the International Monetary Fund, the Central Bank of Eswatini (CBE) has developed an anti-money laundering and counter financing of terrorism risk-based supervisory framework. This framework will assist the bank in identifying and understanding the money laundering and financing of terrorism risks in all accountable financial institutions under regulation by the Central Bank.The Eastern and Southern African Anti-Money Laundering Group has scheduled a Mutual Evaluation Assessment (MEA) for the country in 2020 to evaluate the country’s compliance with international standards on anti-money laundering and counter terrorist financing. Notably, this is yet another step towards the much awaited First World Status Vision 2022. According to CBE Governor, Majozi Sithole the bank will improve its controls by addressing the gaps that have been identified during a recent mock mutual evaluation exercise, whilst ensuring that a robust supervisory framework is in place to maintain the integrity of the financial system. “The bank wishes to emphasize the importance of complying with our legislation and international standards in curbing money laundering and financing of terrorism,” said Sithole.
He said there are stringent regulatory assessments undertaken by the Financial Action Task Force and other international financial institutions. Any non-compliance to the AML/ CFT legislations by any country is punished
harshly by the international financial community. Sithole said suddenly a country finds itself not able to make international payments as correspondent bank relations (for individual banks or the whole country) are brutally
severed or cut without negotiations as the international community deems it to have weak measures or institutions to combat money laundering. “In this global village that we live in, Eswatini cannot afford to find itself excluded from partaking in the global financial system,” said the governor, adding that it is for that reason that the Central Bank of Eswatini wishes to appeal for extra caution when the country receives unsolicited ‘too good to be true’ potential financing. He said the country needs to do the necessary due diligence before it enters into relations with such potential financiers. Sithole said the bank will continue to guard this selfishly for the interest of the country. He appealed for understanding as the bank commits to continue developing solid links
with international partners to ensure that its capacity to undertake due diligence on any entity or individual, is enhanced.

Leave a Reply

Close Menu
×