Swaziland

New Documents

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.

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.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Swaziland 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

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 0 Substantial :
Partially Compliant : 11 Moderate :
Non-Compliant : 36 Low :
Not-Applicable : 1

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