Eswatini officials report progress on financial regulations and investor protections

Eswatini officials have provided updates regarding the financial regulatory landscape and investor protections. Central Bank of Eswatini Governor Dr Phil Mnisi stated that authorities are working to resolve matters involving Status Capital Building Society and Ecsponent. Mnisi expressed optimism that funds invested in Status Capital would be returned to investors.

To prevent future pyramid schemes, the Governor noted that measures such as deposit insurance have been introduced to protect retail savers in the event of bank failures. He urged the public to exercise caution with investment schemes offering unusually high returns.

Separately, Finance Minister Neal Rijkenberg reported that Eswatini has made significant progress in meeting international anti-money laundering standards. The country is now rated Compliant or Largely Compliant on 32 of the 40 Financial Action Task Force (FATF) recommendations. This progress follows the enactment of the Anti-Money Laundering, Counter Financing of Terrorism and Proliferation Financing (Miscellaneous Amendments) Act, 2024, which aims to strengthen the legal framework and bolster investor confidence.