Lesotho

New Documents

ESAAMLG: Lesotho Makes Progress on AML/CTF Reforms

The Eastern and Southern Africa Anti-Money Laundering Group published a post evaluation progress report regarding the first round mutual evaluation of Lesotho for the period of August 2016 to July 2017.

October 27, 2017

Lesotho, UK Enter Double Taxation Agreement

HM Revenue and Customs published a convention signed by the United Kingdom and the Kingdom of Lesotho on Nov. 3, 2016 for the purpose of the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains.

November 3, 2016

OECD: Lesotho’s Regulatory Framework Ensures Tax Information Availability

August 3, 2015

Central Bank of Lesotho Issues Regulation on Money Transfers to Combat ML/TF

February 24, 2014

Azerbaijan, Lesotho Join Global Forum on Tax Transparency

February 26, 2013

News

Midweek Roundup: Bank Leumi to Pay Nearly $300 Million in Tax Case, Prosecutors Call for U.S. Registry of Beneficial Owners, and More

South Africa joined the bevy of countries that have signed onto FATCA, U.S. officials arrested 27 Mexican nationals for allegedly laundering money, and more, in this week’s roundup.

June 11, 2014

Enforcement Actions

0 Items Found

Key Documents

Lesotho Criminalizes Money Laundering, Establishes FIU

April 10, 2008

Central Bank of Lesotho Issues Regulation on Money Transfers to Combat ML/TF

February 24, 2014

Important Facts

  • The U.S. State Department labels Lesotho as a monitored jurisdiction. Lesotho is neither a regional nor an offshore financial center. Money laundering relates primarily to corruption and tax evasion. Although there is no significant black market for smuggled goods in the country, undeclared and under-declared items pass daily between Lesotho and South Africa over the countries' extensive and porous land border. Smugglers commonly bring undeclared consumer goods or occasionally, larger items like automobiles from South Africa into Lesotho. Smaller items are smuggled to avoid paperwork and other official annoyances, while larger items are smuggled to avoid paying import taxes at the borders.
  • KYC Covered Entities:  Banks, money lenders, money exchangers, brokers, insurance companies, securities dealers, real estate agents, gambling houses, casinos, the lottery, precious metals or stones dealers, and service providers
  • STR Covered Entities:  Banks, money lenders, money exchangers, brokers, insurance companies, securities dealers, real estate agents, gambling houses, casinos, the lottery, precious metals or stones dealers, and service providers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (2015); Convictions: 0 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 4 High :
Largely Compliant : 0 Substantial :
Partially Compliant : 17 Moderate :
Non-Compliant : 27 Low :
Not-Applicable : 1

BASEL i

Rank : 24/146
Score : 7.15/10

TRANSPARENCY INTERNATIONAL i

Rank : 83/179
Score : 41/100

Tax Justice Network i

Rank : N/A
Score : N/A