Namibia's financial victory boosts international confidence in its anti-money laundering systems.

Written by Ziad Abdel Fattah:

Namibia announced today FridayThe Financial Action Task Force (FATF), the international body responsible for monitoring financial crimes and based in Paris, decided to remove its name from the “grey list” of countries subject to special scrutiny regarding the application of anti-money laundering and counter-terrorism financing standards.

Namibia removed from the grey list

The Namibian Ministry of Finance explained in an official statement that the decision came after an announcement made during the group’s general meeting, which was held after several days of intensive deliberations and ended on Friday with the decision to remove Namibia from the list.

13 flaws in its anti-money laundering system

Namibia was placed on the “grey list” in February 2024, as a result of 13 deficiencies in its anti-money laundering and counter-terrorism financing system being identified, which placed it under strict international scrutiny.

However, the Namibian government has intensified its efforts in the past period to address these shortcomings, as the Ministry of Finance confirmed that the field assessment conducted by the task force was positive, after it became clear that the country had largely succeeded in addressing the 13 shortcomings that were criticized.

The decision is a major boost to Namibia’s economy, reflecting an improved level of financial compliance and enhancing the confidence of international institutions and investors in the country’s business environment.

In another context, Dr. Ntumbo Nandi-Ndetwah, President of the Republic of Namibia, arrived at Julius Nyerere International Airport in Dar es Salaam, for a three-day state visit to the United Republic of Tanzania.

The state visit provides a strategic opportunity for Namibia and Tanzania to strengthen the long-standing bonds of friendship, solidarity and bilateral cooperation between the two countries, as well as to explore new areas of common interest and cooperation.

The friendly relations between the two sister republics date back to Namibia’s struggle for liberation, during which Tanzania played a pivotal role, hosting many Namibians in exile and providing consistent political, diplomatic and material support in their quest for freedom and independence.

Today, this shared history continues to form a strong foundation for a deep and lasting partnership between the two countries.

The conference, which will be held on June 18 and 19, will bring together heads of state and government, policymakers, academics, and representatives of international organizations, with the aim of developing a practical vision for translating the UN resolution into executive steps that promote restorative justice, historical recognition, and accountability for crimes related to slavery and colonial exploitation.