European Union blacklists 4 African countries including Ghana over money-laundering case

The European Union has blacklisted four African countries including Ghana over money-laundering concerns as it says their financial transactions require further scrutiny, according to a news report by Ghana Web.

Botswana, Ghana, Mauritius, and Zimbabwe were part of 12 countries placed on the EU's blacklist. The other countries blacklisted are Bahamas, Barbados, Jamaica, Nicaragua, Panama, Cambodia, Mongolia, and Myanmar.

The blacklisting will have to be approved by the European Parliament in order for it to come into force in October this year.

In a statement, the EU said, "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. The delisting of countries, however, is not affected by this and will enter into force 20 days after publication in the Official Journal."

The European Union has said that Bosnia-Herzegovina, Ethiopia, Guyana, Lao People's Democratic Republic, Sri Lanka, and Tunisia have been taken off the blacklist after addressing the problem in their respective countries.

The EU commission's executive Vice-President, Valdis Dombrovskis also said, "We need to put an end to dirty money infiltrating our financial system. Today we are further bolstering our defenses to fight money laundering and terrorist financing, with a comprehensive and far-reaching Action Plan."