Namibia has been invited to participate directly in Financial Action Task Force (FATF) Plenary meetings as a guest jurisdiction for one year, giving the country a temporary seat in discussions that shape global standards for combating money laundering, terrorist financing and proliferation financing.
The Financial Intelligence Centre (FIC) said the invitation was extended by the FATF President under the organisation’s Guest Initiative, which seeks to increase the participation and perspectives of countries that are not FATF members.
Under the arrangement, Namibia will participate under its national flag in FATF Plenary and Working Group discussions and will be able to present its national positions and experiences on anti-money laundering, countering the financing of terrorism and countering proliferation financing (AML/CFT/CPF).
Namibia will, however, not have voting rights during its one-year participation.
The development gives Namibia more direct access to FATF deliberations than its normal participation as a non-member. Non-FATF countries are generally represented through regional bodies. Namibia is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
The FIC said guest status will allow Namibia to participate directly in discussions and contribute to the formulation and adoption of global AML/CFT/CPF policy.
FATF Plenary discussions influence international standards and policy responses to financial crime. The FIC said participation would also strengthen Namibia’s understanding of FATF standard-setting, procedures, emerging risks and financial crime typologies.
The one-year arrangement is also expected to support Namibia’s preparations for its next AML/CFT/CPF mutual evaluation and strengthen cooperation with international partners.
“Namibia welcomes the invitation which gives the country an important platform to contribute to international policy discussions, learn from global partners, and bring regional perspectives to the FATF table,” FIC Director Bryan Eiseb said.
The FIC described the invitation as recognition of Namibia’s progress in strengthening its framework for combating money laundering, terrorist financing and proliferation financing.
Namibia’s participation will be coordinated by the FIC together with the national Anti-Money Laundering Council, chaired by the Governor of the Bank of Namibia. The private sector, particularly the banking industry, will also be engaged to support the country’s participation.
The FIC said the guest initiative effectively gives Namibia a temporary seat at FATF’s “Main Table”, providing an opportunity to deepen the country’s engagement with the global financial crime enforcement network.
