The European Union (EU) says it will prioritise strengthening Namibia’s beneficial ownership reporting framework to enhance transparency and combat financial crime.
This comes as Namibia was placed on the Financial Action Task Force (FATF) grey list in February 2024 due to shortcomings in anti-money laundering, countering the financing of terrorism, and counter-proliferation financing standards.
The EU-Namibia collaboration was launched with a scoping mission workshop where key government agencies and stakeholders convened to identify specific needs and obstacles in implementing effective beneficial ownership measures.
“The week starts off with scoping the needs, i.e., identifying jointly the specific needs of entities and the structural deficiencies pointed out by the FATF, so as to develop a custom-made work plan. The purpose of the scoping mission is to listen to your concerns and needs for specific responses and challenges in order to make our assistance as relevant and effective as possible and based on national priorities,” said EU Ambassador to Namibia Ana Beatriz Martins.
The insights gathered will inform a tailored work plan designed to align Namibia’s regulations with international standards.
She further explained that the primary objective of the partnership is to support Namibia’s efforts to exit the Financial Action Task Force’s grey list.
She said that by enhancing its beneficial ownership reporting, Namibia can fortify its financial system, increase transparency, and foster a more attractive investment climate.
“The ultimate goal of this workshop is to see Namibia exit the Financial Action Task Force’s Grey List. Also to strengthen NA’s capacity in financial systems, transparency, and accountability.”
She further explained that the EU Global Facility on anti-money laundering and countering the financing of terrorism is providing technical expertise to facilitate this initiative.
The initiative is offering expertise to 20 representatives from the Ministry of Justice, Bank of Namibia, Business and Intellectual Property Authority, Master of the High Court, Financial Intelligence Centre, Namibian Financial Institutions Supervisory Authority, Namibia Revenue Agency, Anti-Corruption Commission of Namibia, Central Public Procurement Board, Namibian Police, Office of the Prosecutor-General, and Institute for Chartered Accountants.
