While Members of Parliament welcomed Namibia's removal from the Financial Action Task Force grey list, some lawmakers questioned whether international financial standards leave enough room for countries to determine their own priorities.
The Minister of Finance Erica Shafudah has welcomed Namibia's delisting from the grey list of the Financial Action Task Force (FATF).
In February 2024, Namibia was greylisted by the Financial Action Task Force (FATF) due to deficiencies in its anti-money laundering/counter-terrorism financing framework.
Namibia has now remediated its strategic deficiencies and will be subjected to an onsite assessment by the Africa Joint Group.
Financial crimes pose a significant threat, not only undermining a country's financial systems and economy but also paving the way for other serious criminal activities, including terrorism financing, drug trafficking, and corruption.
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.
