Namibia has been greylisted by the Financial Action Task Force (FATF) because of concerns over the effectiveness of some of its compliance standards with anti-money laundering, combating the financing of terrorism, and combating proliferation financing provisions.

In 2022, Namibia underwent evaluation by FATF, during which shortcomings in the effectiveness of compliance were identified.

Namibia was given 12 months until the end of October 2023.

In a statement announcing the grey listing, the Financial Intelligence Centre in the Bank of Namibia says Namibia has made significant strides in addressing all technical compliance shortcomings through amendments to various existing laws and passing new legislation.

However, despite the substantial progress the country has made in aligning its legislation to international standards, FATF found Namibia wanting in six of the 11 immediate outcomes assessed for effectiveness.

According to FATF, the grey listing is meant to announce deficiencies in the country's ability to effectively counter money laundering, terrorist financing, and proliferation financing to the global community.

The Financial Intelligence Centre says that despite the grey listing, Namibia's financial system remains sound, stable, and well-capitalised. In addition, it adds that transactions between Namibia and the global community will continue to be safeguarded.