Policy and Exchange Control Division staff participated at a Global Policy Dialogue Conference on the new Anti-Money Laundering and Combating the financing of terrorism (AML/CFT) implementation and challenges for the African region on Thursday 21 April, 2005 at the UN House in Maseru, Lesotho. 

The organizers of the conference were the World Bank and the IMF.  The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat took part as a resource person.  Participants were representatives from Lesotho, Malawi, Mozambique, Zambia and Zimbabwe.  Representatives from Lesotho were drawn from the financial, law enforcement and the legal sectors. 

The main objective of the dialogue was to provide a forum for participants to discuss, share knowledge, experiences and best practices, with regional and international partners, on the new AML/CFT international standards and the challenges facing the African region as covered by the revised FATF 40 Recommendations and the 9 FATF Special Recommendations.  

Each country presented a brief overview of the challenges faced with and outlined the type of technical assistance required to comply with the international standards. 

In an effort to fight ML/FT Lesotho has drafted the Anti-Money Laundering and the Proceeds of Crime Bill which will be presented to Cabinet and the Parliament for promulgation.  The Bill criminalises money laundering. The financing of terrorism and the FIU will have their separate legislation.  What we have on the ground, in the interim period, are the Financial Institutions (Anti-Money Laundering) Guidelines 2000. 

Sensitization campaigns on money laundering and financing of terrorism for the public and the private sector will be undertaken during the course of the year.