The European Union (EU) says Namibia’s listing as a high-risk country for money laundering and terrorism financing does not prevent trade, investment or cooperation with EU member states.
The European Commission added Namibia to the list after the country was placed on the Financial Action Task Force (FATF) grey list in February 2024.
The FATF flagged weaknesses in Namibia’s financial monitoring systems.
Namibia now appears alongside countries such as Angola, Kenya, Côte d’Ivoire and Venezuela on the EU’s high-risk list. As a result, EU banks and financial institutions must apply stricter checks when handling transactions involving Namibian companies or individuals.
The European Commission said the listing will only come into effect if approved by the European Parliament and the Council of Ministers. If adopted, the decision will take effect 20 days after publication in the EU’s Official Journal.
EU Ambassador to Namibia, Ana Beatriz Martins, said the EU is committed to helping Namibia improve its financial controls.
“The European Union values its strong partnership with Namibia. We are actively supporting Namibia’s efforts to strengthen its anti-money laundering framework through dedicated technical assistance, workshops and training activities between EU and Namibian experts from government, regulators and the financial sector,†Martins said.
“We share the same goal: to work towards a more transparent, secure and trusted global financial system that protects us from abuse by criminals, terrorists, and corruption.â€
Namibia according to the EU , must now show steady progress in fixing the identified problems to be removed from the FATF grey list.
Once delisted, the European Commission will review Namibia’s reforms and decide whether to remove the country from the EU’s high-risk list.
