A Money Laundering and Proceeds of Crime Bill is currently being drafted and is expected to be presented before Parliament by June this year, Minister of Finance and Development Planning, Dr. Timothy Thahane, has announced.

Delivering the keynote address at a two-day workshop on money laundering on March 3, Dr Thahane said it was time that Lesotho criminalised money laundering, which phenomenon has  increased dramatically in Lesotho due to lack of a comprehensive legislation.

Money laundering is a global concern and Lesotho, as part of the global village, needs to identify ways and means of effectively and efficiently combating organised crime, especially money laundering.

"It is important for us as stakeholders to review whether the legislation that is being drafted covers all issues of criminality contributing to organised crime, and establish the involvement of various institutions  that include the Central Bank, law enforcement institutions, Judiciary as well as the
Ministries of Finance and Justice in addressing the issue of money laundering," the Minister said.

Speaking at the occasion, the Director General of the Directorate on Corruption and Economic Offence Mr Borotho Matsoso said by its nature, money laundering is a hidden activity and it is difficult to measure exactly how great a problem it is.

Section 31 of the Prevention of Corruption and Economic Offences Act stipulates that it is an offence for a public officer to be in possession of property which cannot be satisfactorily accounted for, adding that if this section was to play to the private sector as well as the individuals, it would make a lot of difference in the fight against money laundering, the Director general of the DCEO said.

04 March 2005