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EU Blacklists Ghana, 3 Other African Nations Over Money-laundering

 

Hard-hit coronavirus nation, Ghana, and some three other African nations have been blacklisted by the European Union for Money-laundering.

The three others are Botswana, Mauritius and Zimbabwe.

In a statement, EU says the four countries’ financial transactions require some scrutiny.

According to the statement, the Blacklisted countries were assessed based on systemic impact on the integrity of the EU financial system.

The statement says they were assessed after going through a review by the International Monetary Fund as international offshore financial centers and economic relevance and strong economic ties with the EU.

The four African nations, it would be recalled, were among 12 countries placed on the blacklist if the European Union.

Other blacklisted nations include Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia and Myanmar.

The blacklisting is subject to approval by the European Parliament.

To leave the list, the affected countries are required to demonstrate
more commitment towards tackling the problem to get off the list.

According to the statement, “given the Coronavirus crisis, the date of application of today’s Regulation listing third countries – and therefore applying new protective measures – only applies as of 1 October 2020.”

This is to ensure that all stakeholders have time to prepare appropriately, it says.

The delisting of countries, however, is not affected by this and will enter into force 20 days after publication in the Official Journal.”

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