Eswatini Financial Intelligence Unit

Frequently Asked Questions (FAQs)

What is money laundering?
Money laundering is the process of making dirty money appear clean. Criminals wish to secure the profit of their illegal activities. Through money laundering, criminals process the criminal proceeds in order to disguise the illegal source of those funds.

What is terrorist financing?
Terrorist financing is the process of funding terrorist acts or funding terrorists that then continue to carry out terrorist activity. One of the main differences between this and money laundering is that the source of the money used in terrorist financing may be perfectly legitimate. The source of money in money laundering is always an illegal source.

What is the Financial Action Task Force (FATF) and what are the 40 Recommendations?
The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing. FATF is therefore a "policy-making body" which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The 40 Recommendations refer to a set of recommendations made to assist legislators in making comprehensive laws that close the gaps in money laundering and financing of terrorism. 

What is the ESAAMLG?
ESAAMLG is the Eastern and Southern Africa Anti-Money Laundering Group, an organization which has agreed to implement common countermeasures to address the problem of criminal money laundering and terrorist financing in the Eastern and Southern African region. Eswatini is a member of the ESAAMLG. It is a FATF- Style Regional Body that is an associate member of the FATF.

What is an FIU?

A Financial Intelligence Unit (FIU) is a central, national agency responsible for receiving (and, as permitted, requesting), analysing and disseminating to the competent authorities, disclosures of financial information:

Which entities must report Suspicious Transactions relating to Money Laundering and terrorist Financing?
All entities that are considered accountable institutions as defined by the Money Laundering and Financing of terrorism (Prevention) Act 2011 (as amended).

Can Accountable institutions seek assistance from EFIU in establishing measures and procedures that would enable compliance with the Act.
The EFIU is readily available to assist, regulated entities however, must go through their Supervisory Authorities while non-regulated may approach the EFIU directly.

Does the EFIU impose levies on Accountable Institution?
The EFIU does not impose levies, but may impose a sanction on defaulting Accountable Institutions in due course.

What are the possible penalties for non-compliance?
click here to see the enforcement and sanctions page