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.

The bank says Namibia has shown significant political will to meet FATF requirements to avoid greylisting.

In this regard, proposed legislation changes have been made, and the enforcement of applicable laws to combat financial crime is under scrutiny.

The negative implications of greylisting are that the financial system of the country so listed suffers reputational damage.