Last week, the Financial Action Task Force (FATF) Plenary Meeting in Paris considered the second progress report regarding the greylisting of Namibia. 

The FATF confirmed that Namibia continues to make progress in addressing the strategic deficiencies identified in the country’s FATF Action Plan, which was adopted when Namibia was greylisted by the FATF on 23 February 2024.

The FATF action plan for Namibia contains 13 strategic deficiencies, which must be remedied before the final reporting cycle that ends in May 2026. 

Bryan Eiseb, the Financial Intelligence Centre (FIC) director, said remedying the strategic deficiencies in time will enable Namibia to exit the grey list. 

In this regard, the country’s progress report adopted by the FATF on 21 February indicates that Namibia has largely addressed four action items.

 This is especially true in the remaining action items, except for one action item that has not yet been addressed. 

“The FIC, as the coordinator for the remediation of the FATF action plan, is so far pleased with the progress made by Namibia and as recognised by the FATF. Namibia will submit its next progress report on 7 March 2025. A key action item that is due for consideration during this reporting cycle is the ‘Filing of Beneficial Ownership Information’ of legal entities with the Business and Intellectual Property Authority,” said Eiseb. 

He encouraged all companies and close corporations who have not done so to file their beneficial ownership information with BIPA as required by law to ensure that Namibia largely addresses this action item.

The item is due for consideration by the FATF in May 2025. 

“The timely filing of beneficial ownership information with BIPA will enhance Namibia’s chances of an enhanced rating by the FATF in May 2025. The National Coordinating Committee, led by FIC, is determined to exit the greylisting as soon as possible. It has been reporting regularly to Cabinet on the progress made in this regard,” he added.