This paper is a contribution to the debate on the risks of money laundering and the financing of terrorism in Botswana. It provides an overview of Botswana's Anti-Money Laundering and Counter Financing of Terrorism (AML / CFT) regimes. An analytical framework woven around the 'three pillars' of prevention, enforcement and international co-operation is used in this discussion. As a benchmark for the discussion, the paper outlines the international regulatory regimes for curbing both money laundering and the financing of terrorism. The paper is premised on the assumption that both money laundering and the financing of terrorism have similar characteristics and can thus be analysed within the same framework. A number of risks are highlighted within the prevailing economic and political context in Botswana. While recognising an increasingly improving AML / CFT legal framework, it is noted that in the absence of a risk-based approach to these issues, the realisation of international standards will remain a challenge.