Mmegi Online :: Money laundering listing worries Business Botswana
Banners
Banners
Banners
Banners
Last Updated
Wednesday 20 March 2019, 15:58 pm.
Banners
Money laundering listing worries Business Botswana

Business Botswana (BB) fears the recent placement of Botswana on a high-risk list by the Financial Action Task Force (FATF) will affect the ease of doing business in the country. Business Botswana is the country’s largest private sector lobby group comprising major corporations and commercial entities.
By Pauline Dikuelo Fri 01 Mar 2019, 13:11 pm (GMT +2)
Mmegi Online :: Money laundering listing worries Business Botswana








FATF, a global anti-money laundering organisation founded by the world’s richest countries, placed Botswana on its list last October, while the European Union added Botswana to its money laundering black list earlier this month, on recommendation from the FATF. According to Business Botswana, the listing was untimely as the country is focused on transforming into a high-income economy.

On Wednesday, BB president Gobusamang Keebine said the country’s listing implied that legislation dealing with fraud, corruption and money laundering was weak.  “The impact on the country’s economy could be relatively wide as it is linked with the international financial system. The private sector does not know how it will unfold, but the response must be integrated and comprehensive involving all stakeholders,” he said.

According to Keebine, it is expected that institutions linked with the international financial system will be affected including banks, pension funds and the stock market. He said foreign institutions would be mandated to verify transactions with Botswana, which is

Banners

likely to delay transactions and business operations.

“Access to international markets through imports and exports could be a challenge as some traders are likely to avoid trading with Botswana traders, hence reducing the profitability of business. “Botswana will likely be less attractive to investors and lose them to other countries in the region if nothing is done,” he said.

In addition he said the matter would pose significant challenges for Botswana investors in international markets where some regulators could refuse to grant Botswana investors permission to invest in their markets. Keebine urged government to speed up the processes of tightening the appropriate legislation to help reverse the negative status that the listings have put the country into.

The FATF conducts continual reviews of global compliance with Anti-Money Laundering and Combating the financing of Terrorism (AML/CFT) standards, alerting countries of deficiencies, particularly those that may affect international financial flows.

Botswana had already committed to various interventions and assured the FATF of progress.

Subscribe to our Newsletter
Banners
Banners
Banners


Business
Fri 01 Mar 2019, 18:00 pm
Fri 01 Mar 2019, 13:11 pm
Fri 01 Mar 2019, 13:08 pm
Fri 01 Mar 2019, 13:07 pm
Fri 01 Mar 2019, 13:05 pm
Thu 28 Feb 2019, 18:35 pm
Wed 27 Feb 2019, 14:11 pm
Fri 22 Feb 2019, 18:00 pm
Fri 22 Feb 2019, 14:22 pm
Fri 22 Feb 2019, 14:15 pm
Fri 22 Feb 2019, 14:14 pm
Fri 22 Feb 2019, 14:14 pm
Fri 15 Feb 2019, 18:00 pm
Fri 15 Feb 2019, 12:34 pm
Fri 15 Feb 2019, 12:34 pm
Fri 15 Feb 2019, 12:32 pm
Fri 15 Feb 2019, 12:30 pm
Wed 13 Feb 2019, 18:26 pm
Tue 12 Feb 2019, 16:09 pm
Fri 08 Feb 2019, 18:00 pm
Fri 08 Feb 2019, 12:48 pm
Fri 08 Feb 2019, 12:46 pm
Fri 08 Feb 2019, 12:44 pm
Fri 01 Feb 2019, 18:00 pm
Fri 01 Feb 2019, 15:05 pm
Banners
Banners
Subscribe to our Newsletter
have a story? Send us a Tip
Banners
  • Previous
    Wonder Park
    Next
    Masa Centre
    ::: Friday 15 Mar - Thursday 21 Mar :::
    Wonder Park
    Captain Marvel
    A Madea Family Funeral
    What Men Want
  • Previous
    Captain Marvel
    Next
    Riverwalk
    ::: Friday 15 Mar - Thursday 21 Mar :::
    Captain Marvel
    Wonder Park
    A Madea Family Funeral
    What Men Want
  • Previous
    Wonder Park
    Next
    Gamecity
    ::: Friday 15 Mar - Thursday 21 Mar :::
    Wonder Park
    Captain Marvel
    A Madea Family Funeral
    What Men Want
Selefu
Internation Image
Banners
Banners