MOVE TO REPORT CASH TRANSACTIONS FROM E15 000 WITHIN 24HRS

MBABANE – Accountable institutions shall now report to the Eswatini Financial Intelligence Unit (EFIU) any transaction or an aggregate of cash transaction from E15 000, within 24 hours. 

 These developments were carried in Legal notice no. 350 of 2022, which was issued by the Minister of Finance, Neal Rijkenberg. The notice, which may be cited as the Prescription of Cash Threshold Reports by Accountable Institutions Notice, 2022, shall be deemed to have come into force on September 2022. The minister issued the notice in exercise of the powers conferred by Section 12 of the Money Laundering and Financing of Terrorism (Prevention) Act, 2011. The notice stated that the report under subsection (I) shall be filed with the EFIU, within 48 hours after the completion of the transaction or aggregate of transaction.

It was stated that accountable institutions under the supervision of the Central Bank of Eswatini (cbe) shall commence reporting from September 16, 2022, while institutions under the supervision of the Financial Services Regulatory Authority shall commence reporting from December 1, 2022.
A designated non-financial business or profession shall commence reporting from January 1, 2023.   

Laundering

The EFIU was established by the Money Laundering and Financing of Terrorism (Prevention) Act of 2011, to provide for the forfeiture of ill-gotten property and for matters incidental thereto. The minister was called for further comment and unpacking of the legal notice.
He is yet to respond on the issue.

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