Eswatini

New Documents

ESAAMLG Releases Progress Report on Swaziland’s AML Framework

The Eastern and Southern Africa Anti-Money Laundering Group presented its post evaluation progress report on Swaziland’s first round mutual evaluation on its anti-money laundering and counterterrorist financing regime.

October 27, 2017

Swiss Regulator Reminds Financial Intermediaries of AML Duties

The Swiss Financial Market Supervisory Authority released a factsheet reminding financial intermediaries of their obligation to adhere to anti-money laundering and counterterrorist financing standards.

November 1, 2014

Interpol Creates African Working Group on Cybercrime for February 2014

January 9, 2014

Swaziland Establishes FIU, Mandates CDD Procedures

August 1, 2011

Swaziland Publishes AML Guidance for Insurers and Intermediaries

March 1, 2011

News

Midweek Roundup: ‘Swazi Secrets’ Fallout Begins, Canada Unveils AML Reforms, and More

Compliance officers rethink travel plans, FinCEN renews GTOs, and more, in the midweek roundup.

April 17, 2024

Midweek Roundup: Spain Fines Banco Santander, Trump Warns Cuba of Sanctions Reversal, and More

Spanish officials fined Santander Bank €1 million for “serious” AML deficiencies, the U.K. is unlikely to remain in the European Union’s single market after exiting the economic bloc, and more, in the midweek roundup.

November 30, 2016

Enforcement Actions

0 Items Found

Key Documents

Swaziland Establishes FIU, Mandates CDD Procedures

August 1, 2011

Important Facts

  • The U.S. State Department labels Eswatini a monitored jurisdiction. The small size of the country and its proximity to major cities in Mozambique and South Africa make it a transit country for illegal operations in those countries and, to some extent, in the rest of the Southern African region. Proceeds from the sale or trade of marijuana and income from public corruption are laundered in Swaziland. Cash gained from the sale of marijuana and through other illegal activities is sometimes used to buy commercial goods or to build houses on nontitled land. A large amount of these proceeds is moved via cross-border transactions involving banks, casinos, investment companies and savings and credit cooperatives. There is a significant black market for smuggled consumer goods, such as cigarettes, liquor and pirated CDs and DVDs, transited across the porous borders of Mozambique, South Africa and Swaziland. There is a general belief that trade-based money laundering exists in Swaziland. Proceeds generated through corruption are a major concern, as is human trafficking. The Common Monetary Area provides a free flow of funds among South Africa, Swaziland, Lesotho and Namibia, without exchange controls.
  • KYC Covered Entities: Banks; asset managers; securities brokers and dealers; insurance agents and companies; currency brokers and exchanges; auditors, accountants, lawyers, and real estate agents; gaming entities and lotteries; and motor vehicle dealers
  • STR Covered Entities: Banks; asset managers; securities brokers and dealers; insurance agents and companies; currency brokers and exchanges; auditors, accountants, lawyers, and real estate agents; gaming entities and lotteries; and motor vehicle dealers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 3 (2015); Convictions: 3 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 3 High : 0
Largely Compliant : 11 Substantial : 0
Partially Compliant : 19 Moderate : 0
Non-Compliant : 7 Low : 11

BASEL i

Rank : 8/162
Score : 7.92/10

TRANSPARENCY INTERNATIONAL i

Rank : 85/180
Score : 39/100

Tax Justice Network i

Rank : TJN's 2015 Financial Secrecy Index
Score : N/A