Grey-listing: Background
The FATF, the Paris-based global financial crime watchdog, on Friday included Namibia on its “grey list” of countries, requiring heightened monitoring for their ineffective measures against money laundering and terrorism financing.
In 2022, Namibia underwent its second mutual evaluation by the FATF, the Bank of Namibia (BoN) said in a statement.
During this, deficiencies were identified in both technical (laws) and effectiveness (implementation) compliance, i.e. laws and the implementation thereof.
As a result, the FATF granted Namibia a 12-month period for remediation, which concluded in last October.
“During this period, Namibia made significant strides in addressing all the technical compliance shortcomings through the amendment of existing laws and introduction of new legislation,” Johannes !Gawaxab, governor of the BoN, said in the statement.
Changes
Nine existing laws were amended, two were repealed and replaced and two new laws were introduced, !Gawaxab – also the chairperson of the Financial Intelligence Centre’s (FIC) council on anti-money laundering, combating the financing of terrorism and countering proliferation financing in Namibia – said.
These legislative changes were crucial steps towards aligning Namibia’s AML/CFT/CPF regime with international standards, which are revised and updated three times a year, he said.
Out of 72 recommended actions, Namibia has made significant progress by addressing 59 action items. However, 13 action items within the domains of six national AML/CFT/CPF combatting stakeholders remain outstanding, requiring “urgent attention”, he added.
Action planThe FATF has prescribed an agreed-upon action plan, outlining specific measures to be implemented.
“Recognising the urgency of the situation, the National Focal Committee, comprising representatives from public and private sector stakeholders, will enable an execution plan to execute the FATF prescribed action plan and ensure timely addressing of the outstanding action items,” !Gawaxab said.
“This comprehensive approach ensures coordinated efforts to strengthen Namibia’s AML/CFT/CPF regime and restore international confidence in Namibia’s financial system,” he added.
In 2022, Namibia underwent its second mutual evaluation by the FATF, the Bank of Namibia (BoN) said in a statement.
During this, deficiencies were identified in both technical (laws) and effectiveness (implementation) compliance, i.e. laws and the implementation thereof.
As a result, the FATF granted Namibia a 12-month period for remediation, which concluded in last October.
“During this period, Namibia made significant strides in addressing all the technical compliance shortcomings through the amendment of existing laws and introduction of new legislation,” Johannes !Gawaxab, governor of the BoN, said in the statement.
Changes
Nine existing laws were amended, two were repealed and replaced and two new laws were introduced, !Gawaxab – also the chairperson of the Financial Intelligence Centre’s (FIC) council on anti-money laundering, combating the financing of terrorism and countering proliferation financing in Namibia – said.
These legislative changes were crucial steps towards aligning Namibia’s AML/CFT/CPF regime with international standards, which are revised and updated three times a year, he said.
Out of 72 recommended actions, Namibia has made significant progress by addressing 59 action items. However, 13 action items within the domains of six national AML/CFT/CPF combatting stakeholders remain outstanding, requiring “urgent attention”, he added.
Action planThe FATF has prescribed an agreed-upon action plan, outlining specific measures to be implemented.
“Recognising the urgency of the situation, the National Focal Committee, comprising representatives from public and private sector stakeholders, will enable an execution plan to execute the FATF prescribed action plan and ensure timely addressing of the outstanding action items,” !Gawaxab said.
“This comprehensive approach ensures coordinated efforts to strengthen Namibia’s AML/CFT/CPF regime and restore international confidence in Namibia’s financial system,” he added.
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