STAFF WRITER
Namibia is aiming to reduce financial losses to illicit financial flows – including money laundering and terrorism – from 9 % of Gross Domestic Product (GP) to 5% by 2030.
This was said by Minister of Finance Erica Shafudah on Tuesday while updating the nation on Namibia exiting the Financial Action Task Force (FATF) list of jurisdictions under enhanced monitoring,
“ Exiting the FATF grey list is not the end of the journey, but rather a major
milestone in Namibia’s journey to sustain a stable, resilient and trusted financial system,” Shafudah said.
She said Namibia must continue to implement financial reforms with discipline, avoid complacency, and maintain the systems, resources, controls and cooperation mechanisms that enabled this major achievement.
Shafudah opined that continued implementation of reforms also serves as preparatory work for the next round of mutual evaluation which is scheduled for 2030.
She said the achievement by Namibia to exit greylisting ‘reflects political commitment, national coordination, institutional discipline and sustained implementation to protect our financial system and align Namibia with international standards.’
The minister added that Namibia’s commitment to combating money laundering, terrorism financing and proliferation financing is anchored in both our national interest and our international obligations.
“As a responsible member of the global community, Namibia participates in regional and international platforms, including the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the Egmont Group of Financial Intelligence Units and the SADC Anti-Money Laundering Committee,” .
Namibia underwent its second Mutual Evaluation, conducted from 2020 to 2022, testing the Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (AML/CFT/CPF) legal framework and the effective implementation thereof.
The report, adopted by the ESAAMLG Council of Ministers in September 2022, highlighted several strategic deficiencies in our framework.
According to Shafudah the Government responded to the deficiencies identified during the Mutual Evaluation through a National Action Plan, which was endorsed and prioritised by Cabinet as a matter of national importance.
“Through the National Focal Committee, led by the Financial Intelligence Centre, competent authorities were mobilised, governance structures were strengthened, progress was monitored, and institutions were required to cooperate, report and demonstrate results to both the Cabinet and the FATF,” she said.
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