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Swaziland appoints money-laundering, terrorism task force

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The Swazi government has appointed a 13-member task force to spearhead its fight against money-laundering and terrorism, APA reports here on Friday.Finance Minister Martin Dlamini announced the team through Legal Notice No 101 of 2017 which he said was in line with efforts by the Central Bank of Swaziland and the Swaziland Bankers Association to curb crime.

The committee, which is chaired by Joseph Nxumalo, will assist in the enforcement of the Money Laundering and Terrorist Financing Act of 2011 as amended.

“This legislation provides for principles and standards to be applied in deterring and detecting money laundering and terrorist financing risks in the financial system with a view to prevent criminals from using the banking system for laundering money into the country,” the minister explained.

He said financial institutions should strictly adhere to the Know-Your-Customer principle where they should ascertain the identity of their customers using official identification documents and verify the information using independent and reliable source documents based on risk sensitive strategies.

The documents usually required from customers for this purpose are national identity documents, proof of residence and source of funds.



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