Business Reporter
THE Director of the Financial Intelligence Centre (FIC), Bryan Eiseb, has stated that Namibia continues to make progress in addressing the strategic deficiencies recognized within the nation’s Financial Action Task Force (FATF) Action Plan, which was adopted when Namibia was ‘grey listed’ by the FATF.
On Friday, 23 February 2024, Namibia was gray listed by the Financial Action Task Force (FATF) Plenary and positioned below elevated monitoring on account of issues over the remaining efficient implementation compliance with worldwide Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Combating Proliferation Financing (CPF) requirements.
Despite Namibia’s substantial progress, the FATF discovered Namibia missing in AML/CFT/CPF effectiveness in six (6) of the eleven (11) quick outcomes assessed for effectiveness. Effectiveness compliance focuses on a rustic’s capability to reveal an efficient framework for shielding the monetary system from ML/TF/PF abuse, contemplating the precise dangers it faces. It additional delves into the sensible and efficient implementation and enforcement of legal guidelines and laws adopted to guard the monetary system.
On Friday, 21 February 2025, the Financial Action Task Force (FATF) Plenary Meeting held in Paris thought of the second progress report concerning Namibia’s gray itemizing.
“The FATF confirmed that the FATF Action Plan for Namibia contains 13 strategic deficiencies that must be remedied before the final reporting cycle ends in May 2026. Remediating the strategic deficiencies in time will enable Namibia to exit the grey list. In this regard, the country’s progress report adopted by the FATF on 21 February indicates that Namibia has largely addressed four action items, partially addressed the remaining action items, except for one (1) action item that has not yet been addressed,” Eiseb stated.
He added that the Financial Intelligence Centre, because the coordinator for the remediation of the FATF Action Plan, is to this point happy with the progress made by Namibia, as acknowledged by the FATF.
“Namibia will submit its next progress report on 7 March 2025, and a key action item due for consideration during this reporting cycle is the ‘Filing of Beneficial Ownership Information’ of legal entities with BIPA. We encourage all companies and close corporations who have not yet done so to file their Beneficial Ownership Information with the Business and Intellectual Property Authority (BIPA), as required by law, to ensure that Namibia largely addresses this action item, which is due for consideration by the FATF in May 2025. The timely filing of Beneficial Ownership Information with BIPA will enhance Namibia’s chances of receiving an improved rating by the FATF in May 2025,” Eiseb stated.
He added that the National Coordinating Committee, led by the Financial Intelligence Centre, is set to exit the “grey listing” as quickly as doable and has been reporting commonly to the Cabinet on the progress made on this regard.
Namibia performed host to the FATF Joint Group assembly held between 6-10 January 2025 in Windhoek as a severe enterprise of its worldwide obligations.