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.

The National Council Chairperson, Lukas Sinimbo Muha, has announced the resumption of the eighth session of the National Council, which is scheduled to last for the next three weeks.

He emphasised the importance of a speedy yet effective review process, with a particular focus on the eight urgent Bills that have already been referred to the council.

The National Assembly has made progress in passing urgent Bills crucial to preventing potential greylisting by the Financial Action Task Force.

Out of the thirteen pressing Bills, eight have already been passed and referred to the National Council for review.

The urgency to pass these Bills stemmed from the June 30th deadline, which was set to prevent Namibia from being graylisted.