Namibia has successfully remediated 11 deficiencies out of the 13 identified by the United Nations’ Financial Action Task Force (FATF), making significant progress towards exiting the grey list.
This was announced by the Financial Intelligence Centre (FIC) on Friday.
Currently Namibia only has two deficiencies and six months remaining to address them.
The country was added to the FATF’s grey list and placed under monitoring in February last year. This followed shortcomings in effectively implementing international standards on anti-money laundering, combating the financing of terrorism and combating proliferation financing.
The country was tasked to effectively prevent and combat these deficiencies to safeguard the integrity and stability of its financial system.
Established as a global standard-setting body under the United Nations, the FATF conducts evaluations of member countries and releases reports on countries’ compliance levels.
Namibia submitted its progress report in July this year, which the FATF reviewed at its plenary in France this week.
The remaining deficiencies have already been partially addressed and need completion before May 2026.
In a statement on Friday, FIC director Bryan Eiseb said the remaining deficiencies include a sustained increase in investigations, prosecutions of money laundering and the ability of competent authorities to identify and investigate terrorist financing activities.
He said the progress made aligns with the continental and regional resolve in strengthening anti-money laundering and combating of financing of terrorism frameworks to effectively combat financial crimes and illicit financial flows.
“The significant progress in remediating the 11 strategic deficiencies has all been achieved within the set timelines contained or even before the timeline,” he said.
Eiseb said offices, ministries and agencies of the Namibian government remain committed to ensuring Namibia exits the FATF grey list.
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