WINDHOEK, Aug. 31– Namibia is making strides toward exiting from the grey list of the Financial Action Task Force (FATF), an intergovernmental organization, with ongoing efforts to improve its compliance with Anti-Money Laundering, Combating the Financing of Terrorism, and Combating Proliferation Financing standards, an official announced Friday. Namibia was added to the list in February after the FATF reported gaps in six out of eleven areas related to the country’s ability to safeguard its financial system from money laundering and terrorist financing risks. Bryan Eiseb, director of Namibia‘s Financial Intelligence Center, said in a statement that Namibia has submitted an early report to the FATF ahead of the October 2024 meeting of the global financial crime watchdog, showcasing its progress in compliance, including increased due diligence and enhanced checks to meet international standards. “Reporting earlier than required can expedite exiting the grey list if effective progress is noted.
Namibia‘s Report in this regard was submitted on July 19, 2024,” he said. He insisted Namibia‘s strong macroeconomic fundamentals suggest that the country may be well-placed to withstand the short-term impact of being grey-listed. “Notwithstanding, we do acknowledge that the period is certainly too short to thoroughly examine the full extent of the impact on some key indicators such as GDP, as the transmission therein takes time. However, given the prevailing robust economic landscape, these effects may be offset,” he said. Eiseb also pointed out that despite the greylisting, investor confidence remains strong. With Namibia‘s currency pegged to the South African rand, the impact on the exchange rate has been minimal. Meanwhile, Eiseb urged Namibians and other stakeholders to be mindful of the increased turnaround times and compliance checks that may be enhanced and factor that into their planning to avoid any inconvenience.
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