Lesotho should establish a Financial Intelligence Unit to deal with issues relating to money laundering, aided by an Act of Parliament covering all crimes related to money laundering and terrorist financing.

Money laundering not only endangers developing countries economic growth but also erodes the integrity of financial institutions, according to a US Department of Treasury team of experts who held a three-day seminar on anti-money laundering for Members of Parliament, beginning June 14.

Money laundering could also reduce tax revenues and undermine legitimate business while it impacts negatively on the economic growth of the country, said a member of the team, Mr. Jerry Rowe.

Speaker of the National Assembly Ms. Ntlhoi Motsamai expressed gratitude on behalf of the Members, saying the seminar was an eye opener for them.

16 June 2005