Gaborone readies its negotiators to keep off EU blacklist

摘要

Wilfred Mandlebe, the Permanent Secretary to Botswana's ministry of finances, has been battling hard to stem the fallout of a diplomatic battle that opened on 6 May. The European Union (EU) announced it may add the country to its list of those with weak anti-money laundering and terrorist financing regimes, that is unless Botswana can resolve its compliance issues before 1 October. The threat is very real for Gaborone. For many years Botswana has cultivated an image of relative transparency in Africa and is well aware of the standards imposed on nations on the list. European companies doing business in blacklisted jurisdictions must apply enhanced due diligence requirements, systematically report their activities to the appropriate authorities or even opt to not open local branches.