Namibia has been warned against the inherent risks associated with developments in the oil and gas sector and the emergence of the green hydrogen sector and to remain vigilant.

The risks associated with the emerging opportunities, among others, are illicit financial flows, money laundering, corruption, and terrorism financing.

The Governor of the Bank of Namibia, Johannes !Gawaxab, sounded the warning at the launch of the Financial Intelligence Centre Annual Report.

Namibia's financial system will continue uninterrupted, despite the greylisting of South Africa.

This assurance is given by the Bank of Namibia, following the rating of South Africa by the Financial Action Task Force (FATF).

The greylisting means that South Africa's financial system has deficiencies in fighting money laundering and terrorism financing.

BoN says Namibia was subjected to an evaluation exercise by the FATF last year and is making steady progress to address findings related to money laundering and terrorist financing.