Namibia has addressed eight of the 13 strategic deficiencies identified by the Financial Action Task Force (FATF) since being grey-listed in February 2024.
Director of the Financial Intelligence Centre (FIC), Bryan Eiseb says the country recently submitted its second progress report to the FATF Africa Joint Group, which recommended adoption at the FATF Plenary in Strasbourg, France.
The government remains committed to improving its anti-money laundering (AML), counter-terrorism financing (CTF), and counter-proliferation financing (CPF) frameworks.
Eiseb said Namibia must still resolve five outstanding issues by May 2026, these include sanctions enforcement, better cooperation between the FIC and law enforcement, more money laundering investigations and prosecutions, improved resourcing for authorities, and the ability to investigate terrorist financing.
“In just over 13 months after having been grey-listed, Namibia has been commended by the Financial Action Task Force for addressing most of the strategic deficiencies on its Action Plan. We remain committed to fully implementing the necessary measures to exit the grey list,†Eiseb said.
Despite progress, the European Union added Namibia to its high-risk list on 10 June 2025. This aligns with the EU’s practice of matching the FATF grey list, though Namibia’s inclusion was delayed for over a year. The move increases regulatory scrutiny for Namibian financial institutions in Europe.
“The EU listing does not undo the exceptional progress that Namibia is making in addressing the FATF Action Plan. It requires banks and other financial institutions in the EU to exercise heightened vigilance when dealing with Namibian entities. This may cause increased compliance requirements and impact transactional costs,†Eiseb said.
The FIC coordinates efforts to meet FATF requirements and is working with international partners to speed up remediation. The Centre oversees reforms and ensures all remaining action items are addressed on time.
“The Financial Intelligence Centre is ready to coordinate national efforts and engage with technical assistance providers to ensure Namibia meets all outstanding requirements as soon as possible,†Eiseb said.
He further noted that Namibia aims to exit the FATF grey list quickly, as the government plans continued cooperation with local and international agencies to strengthen the country’s AML, CTF, and CPF systems.
Further progress is expected to improve Namibia’s financial reputation and sector stability.
