The cost of getting blacklisted by the EU

Global entities responsible for payments and settlements are part of the EU’s anti-money laundering rules and with Wednesday’s blacklisting, are on high alert for transactions emanating from Botswana.

The net effect is an inconvenience both in terms of time and cost to businesses already in the country, while investors who had been eyeing Botswana, are discouraged from proceeding with their plans.Non-Bank Financial Institutions Regulatory Authority (NBFIRA) head of anti-money laundering directorate, Motsisi Mongapi said blacklisting raises the cost of doing business with and within affected countries. “Authorities from outside have heightened inspections and have to check the source of funds, the individuals who have sent them and where to, whenever an entity here transacts internationally,” she told Mmegi.