Staff Writer
Namibia has made progress in addressing concerns raised by the Financial Action Task Force (FATF) after it was placed on the FATF grey list.
The government said in an update that the country continues to implement reforms to strengthen its anti-money laundering and counter-terrorism financing framework in line with FATF recommendations.
Finance Intelligence Centre (FIC) director Bryan Eiseb said Namibia remains under increased monitoring while it works to complete its agreed action plan.
Namibia was greylisted by the FATF Plenary on 23 February 2024 due to concerns about gaps in the effective implementation of international anti-money laundering, combating the financing of terrorism and combating proliferation financing standards.
Eiseb said the action plan focuses on improving the investigation and prosecution of money laundering cases, strengthening the use of financial intelligence and enhancing oversight of designated non-financial businesses and professions.
“Government institutions responsible for AML/CFT compliance have increased coordination and reporting, with emphasis placed on demonstrating tangible outcomes rather than legislative reforms alone,” he said.
Authorities reported continued implementation of technical and operational reforms aimed at improving supervision, enforcement and risk-based controls across the financial system.
The government said progress reports are submitted regularly to the FATF, which assesses implementation against agreed benchmarks.
Greylisting does not carry formal sanctions, but it can lead to increased scrutiny from international financial institutions and higher costs for cross-border transactions.
The government reaffirmed its commitment to exit the grey list and said reforms remain a national priority to protect the integrity of Namibia’s financial system and maintain confidence among international partners.
As a signatory to United Nations conventions and bound by mandatory resolutions under Chapter VII of the UN Charter, Namibia is required to prevent and combat money laundering, terrorist financing and proliferation financing in line with international standards.
