Namibia has made notable progress in addressing the deficiencies identified by the Financial Action Task Force (FATF) which led the country’s greylisting.
This is according to Financial Intelligence Centre director Bryan Eiseb in a media statement issued yesterday.
The FATF greylisted Namibia on 23 February.
Eiseb says Namibia has partially addressed nine of the 13 recommended actions in a voluntary progress report the country presented at a plenary meeting held from 23 to 25 October in Paris, France.
According to Eiseb, in August, Namibia opted to voluntarily report its progress to the FATF on the 13 actions, despite none of the items being reported during this cycle of the FATF’s plenary meetings.
“Namibia has made good initial progress with anti-money laundering risk-based supervision, increasing the filing of beneficial ownership information, and made efforts to strengthen law enforcement in investigating complex financial crimes,” Eiseb says.
Furthermore, the FATF notes that Namibia is entering a period of compulsory reporting, from November 2024 to the end of May 2026, divided into reporting cycles of six months.
“If Namibia continues to demonstrate positive outcomes and provides evidence of the effectiveness of its anti-money laundering regime, it may be able to exit the process ahead of the established timelines,” Eiseb adds.
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