Namibia exits grey list, compliance urged

Namibia has been removed from the Financial Action Task Force (FATF) grey list after completing all 13 items on its remediation action plan ahead of a May 2026 deadline, with senior officials warning that the hard work is only beginning.Namibia was placed on the grey list on 23 February 2024 following identified deficiencies in its framework for combating money laundering, terrorism financing and proliferation financing. It was given a structured action plan and submitted five progress reports to the FATF, one voluntary and four compulsory, between July 2024 and November 2025.The FATF found that Namibia had largely addressed all 13 action items and recommended the country for an on-site assessment, which proved successful, clearing the path to delisting.Finance minister Ericah Shafudah, who acknowledged unwavering Cabinet support throughout the process, said the exit was a milestone rather than a conclusion."Namibia must continue to implement the reforms with discipline, avoid complacency, and maintain the systems, resources, controls and cooperation mechanisms that enabled this major achievement," Shafudah said.She added that continued implementation would serve as preparation for Namibia's next FATF mutual evaluation, scheduled for 2030.Bank of Namibia governor Ebson Uanguta was equally direct, warning that the delisting had not eliminated the underlying risks that made the remediation process necessary."Exiting the grey list does not mean that financial crime risks have disappeared. The responsibility now is to sustain and deepen that progress," he said.The removal from the grey list is expected to ease pressure on Namibia's correspondent banking relationships, reduce compliance costs for financial institutions and improve investor perception of the country's regulatory environment.Uanguta said the process had exposed a broader truth: financial integrity could not be achieved by any single institution acting alone."Strong laws alone are not sufficient if implementation is weak. Effective supervision alone is not sufficient if suspicious activity is not properly analysed, investigated and acted upon," he said.He said the National Council for Financial Stability would retain its oversight role, focused on policy coherence, risk-based prioritisation, institutional coordination and accountability."The aim is not to duplicate the work of competent authorities. The aim is to ensure that Namibia's AML/CFT/CPF framework remains coherent, responsive, and effective," Uanguta said.The National Focal Committee, led by the Financial Intelligence Centre, was credited by Shafudah for its tenacity and commitment throughout the two-year remediation process.

Namibia exits grey list, compliance urged

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Republikein 2026-11-10

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Namibia exits grey list, compliance urged

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Republikein 2026-11-10

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