Bostwana Drafts a Bill Towards the Protection of Virtual Assets

In a recent announcement, Bostwana has drafted a bill to re-enact the countries financial intelligence act to help regulate the virtual assets.

In a recent announcement, it has been disclosed that the Government of Botswana has drafted a bill towards re-enacting the country’s Financial Intelligence Act in an effort to regulate virtual assets. This announcement comes after the assessment by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and Financial Action Task Force (FATF).

“The re-enactment will ensure that the provisions of the Act are fully compliant with the FATF standards, in preparation for the 2024 assessment and mutual evaluation.”

Peggy Serame, Minister of Finance and Economic Development,

With the virtual assets sector moving at a rapid pace, the bill comes in due time to enhance the protection against cybercrime related to virtual assets including cryptocurrency along with some other illegal schemes.

“The fraudsters present a purported opportunity to invest in foreign exchange promising quick and high returns. With the increased online usage, cybercrime continues to rise in scale and complexity affecting businesses and individuals alike.”

Masego Mosate, Acting Director General, FIA

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