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Virtual Assets e-training series for Botswana regulators

19 May 2023

🌍 Exciting Progress in AML/CFT Collaboration with Botswana πŸ‡§πŸ‡Ό !

Following the country’s request for technical assistance in November 2022, the EU Global Facility has been providing support to Botswana on a number of subjects, including the critical topic of FATF Recommendation 15 (New Technologies), which was rated partially compliant.

Since then, the EU GF team has focused on helping the authorities of Botswana to strengthen the regulation and supervision of Virtual Asset Service Providers (VASPs), with great progress achieved so far.

The EU GF has notably worked with the partner country to prepare a comprehensive work programme, spanning 15 sessions from April to September 2023. These sessions aim to empower the Botswanan authorities with the knowledge and tools necessary to conduct a National Risk Assessment (NRA) aligned with Rec 15.

The first three sessions, conducted between April and May, have now set a solid foundation for the NRA process. They covered key aspects such as the structure of the NRA for Virtual Assets (VA) and VASPs, the use of analytical tools for risk-based supervision, and the conduct of a questionnaire-based assessment.
πŸ‘πŸ½πŸ‘πŸ½πŸ‘πŸ½ These sessions enabled us to better understand and analyse the responses received, ensuring a robust and comprehensive NRA.

In the recently concluded fourth session, our experts delved into the crucial understanding of VA features and VASP operations. Focus was on comprehending the unique characteristics of VAs, their potential attractiveness for money laundering and terrorist financing, as well as gaining insights into VASP operations.

πŸ‘πŸ½πŸ‘πŸ½πŸ‘πŸ½This knowledge will help Botswana develop effective strategies to mitigate risks associated with these emerging technologies.

πŸ’‘ The collaboration between the EU GF and Botswana exemplifies the power of international cooperation in combating financial crimes and ensuring the integrity of the global financial system. By enhancing the regulation and supervision of VASPs, we are taking significant steps toward safeguarding the transparency and security of virtual asset transactions.

Special thanks to Delphine Aupicon from the EU Delegation who shared the opening words of this session!