Eswatini records FATF compliance gains

MBABANE – Eswatini has improved its compliance with international standards on money laundering and terrorist financing, with the country now rated Compliant or Largely Compliant on 32 of the 40 Financial Action Task Force (FATF) Recommendations.

Minister of Finance Neal Rijkenberg said the achievement followed significant reforms undertaken since the adoption of Eswatini’s Mutual Evaluation Report in 2022.

Rijkenberg was speaking yesterday when he officially opened the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) In-Country FATF Standards Training Programme at the Central Bank of Eswatini head office Conference Room.

He said Eswatini has since achieved re-ratings on 18 FATF Recommendations, reflecting progress in strengthening the country’s anti-money laundering, counter-financing of terrorism and proliferation financing (AML/CFT/PF) framework.

A key development, according to the minister, was the enactment of the Anti-Money Laundering, Counter Financing of Terrorism and Proliferation Financing (Miscellaneous Amendments) Act, 2024.

He said the legislation had substantially strengthened the country’s legal and regulatory framework and addressed many of the gaps identified during the 2022 evaluation.

Rijkenberg, however, warned that the progress should not lead to complacency, saying Eswatini still has to demonstrate that its laws and measures are being effectively implemented.

“While we are encouraged by these achievements, we recognise that there is still work to be done, particularly in demonstrating the effectiveness of our measures and ensuring their consistent implementation across all sectors,” he said.

The minister said this was particularly important as the country prepared for future assessments.

The FATF standards provide an internationally recognised framework for protecting financial systems and economies against illicit financial activities.

Rijkenberg said effective implementation of the standards was important for Eswatini because it would help promote financial sector stability, strengthen investor confidence and prevent criminal elements from abusing the country’s financial system.

Among the measures he highlighted were compliance with national AML/CFT laws, prompt reporting of suspicious transactions, risk-based supervision and stronger cooperation between the Financial Intelligence Centre and law enforcement agencies.

“Our success as a country will not be measured solely by the laws we have enacted, but by our ability to demonstrate effective implementation and meaningful results in preventing and combating money laundering, terrorist financing and proliferation financing,” Rijkenberg said.

He urged participants to turn the knowledge gained from the training into concrete actions within their respective institutions.

The minister said participants should use the programme to share experiences, ask questions and identify practical solutions that could strengthen institutional controls and improve compliance.

Participants of the course following proceedings at the Central Bank of Eswatini Conferenvce Room

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