Windhoek, June 23 (IANS) Namibia has been removed from the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring, commonly known as the grey list, after completing reforms to strengthen its anti-money laundering and countering the financing of terrorism and proliferation framework, Finance Minister Ericah Shafudah said on Tuesday.
Speaking at an event in Windhoek, Shafudah said Namibia’s removal from the list on June 19 was a major national milestone, reflecting political commitment, coordinated institutional efforts and sustained implementation of international financial standards, Xinhua news agency reported.
“This outcome reflects political commitment, national coordination, institutional discipline and sustained implementation to protect our financial system and align Namibia with international standards,” she said.
The FATF said Namibia was removed from the list following a successful on-site visit after completing its action plan within the agreed timeframe.
Namibia was placed under increased monitoring in February 2024 after deficiencies were identified in its anti-money laundering, countering the financing of terrorism and counter-proliferation financing framework following a 2022 mutual evaluation.
Shafudah said the government responded by adopting an action plan that was endorsed by the Cabinet as a national priority. Namibia amended nine existing laws and enacted four new laws as part of the reform process, she said.
The reforms were aimed not only at securing the country’s removal from the grey list but also at building a resilient and trusted financial system that supports national security, economic stability and investor confidence.
Namibia also aims to reduce illicit financial flows from about 9 per cent of gross domestic product in 2025 to around 5 per cent by 2030 under its Sixth National Development Plan.
The FATF conducts regular reviews of jurisdictions worldwide and updates its list of countries under increased monitoring three times a year.
Being on the grey list can increase scrutiny of cross-border financial transactions and may raise compliance costs for banks and businesses, although it does not trigger economic sanctions.
–IANS
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