Namibia Exits FATF Grey List After Reforms
Namibia has been removed from the Financial Action Task Force’s (FATF) list of jurisdictions, commonly known as the grey list.
Finance Minister Ericah Shafudah said on Tuesday that the country was removed after completing reforms to strengthen its anti-money laundering, counter-terrorism financing, and counter-proliferation framework.
Shafudah, who made this known at an event in Windhoek, added that 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.
She said, “This outcome reflects political commitment, national coordination, institutional discipline and sustained implementation to protect our financial system and align Namibia with international standards.”
Namibia was placed under increased monitoring in February 2024 after deficiencies were identified in its anti-money laundering, counter-terrorism financing, 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 nine per cent of gross domestic product in 2025 to around five per cent by 2030 under its Sixth National Development Plan. #Namibia Exits FATF Grey List After Reforms#
