Namibia has been removed from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring, commonly known as the grey list.
Finance Minister Ericah Shafudah announced on Tuesday that the country’s removal followed the completion of reforms aimed at strengthening its anti-money laundering, countering the financing of terrorism, and counter-proliferation financing framework.
Shafudah, speaking at an event in Windhoek, described the development as a major national milestone, saying it reflected political commitment, coordinated institutional efforts, and sustained implementation of international financial standards.
“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.
Namibia was placed under increased monitoring in February 2024 after a 2022 mutual evaluation identified gaps in its anti-money laundering and counter-terrorism financing framework.
Shafudah said the government responded by adopting an action plan endorsed by the Cabinet as a national priority.
She added that Namibia amended nine existing laws and enacted four new laws as part of the reform process.
The reforms, she said, 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 plans to reduce illicit financial flows from about nine per cent of gross domestic product (GDP) in 2025 to around five per cent by 2030 under its Sixth National Development Plan.
SOURCE: NAN
