As regards the anti-money laundering and combatting the financing of terrorism measures, much as both the Financial Intelligence Agency and the Bank of Botswana subscribe to a risk-based approach and seek to avoid undue regulatory burden, it is equally important to safeguard the integrity and overall stability of the country financial system by implementing and adhering to the international standards on AML-CFT matters.
As central bankers, the first lesson was to address the financial shock and risk aversion spiral in a timely and decisively matter, to prevent a financial crisis. The financial shock hit during the first weeks of the pandemic, and it was necessary to adopt measures to restore an orderly functioning of financial markets.