Namibia has left the FATF grey List

Namibia has left the FATF grey List

The Financial Action Task Force on Money Laundering (FATF) has excluded Namibia from the list of jurisdictions under enhanced monitoring: the country has implemented an action plan to eliminate strategic deficiencies in 2 years.

Namibia was placed under increased control in 2024 "after deficiencies were identified in its system for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction."

While the country is on the "grey list", international banks increase transfer fees, take longer to verify transactions, and often reduce cooperation. Technically, these are not sanctions, but such measures have a negative impact on the country's economy.

Namibian Finance Minister Erica Shafuda said the action plan approved by the Cabinet has become a national priority. As part of the reform process, Namibia has amended 9 existing laws and adopted 4 new laws. They aim to create a sustainable financial system that "protects national security, maintains economic stability, and strengthens investor confidence."

Currently, the FATF grey list includes 22 jurisdictions: Angola, Bolivia, Bulgaria, Cameroon, Côte d'Ivoire, DRC, Haiti, Kenya, Kuwait, Laos, Lebanon, Monaco, Nepal, Papua New Guinea, South Sudan, Syria, Venezuela, Vietnam, British Virgin Islands, Yemen, as well as the newly incorporated Bosnia and Herzegovina and Iraq. Algeria was excluded from the list along with Namibia.

The organization's "blacklist" remained unchanged. It still includes North Korea, Iran and Myanmar. In their case, the restrictions are more stringent: banks may refuse to conduct operations, which is why international settlements practically stop.

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