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.