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THE LONG WAIT: Namibia will soon know whether it has done enough to avoid being grey-listed as a financial jurisdiction by the Financial Action Task Force.
THE LONG WAIT: Namibia will soon know whether it has done enough to avoid being grey-listed as a financial jurisdiction by the Financial Action Task Force.

Namibia awaits grey-listing verdict with bated breath

Efforts made to address FAFT concerns
A grey-listed country is under increased monitoring due to certain deficiencies in combatting money laundering and the financing of terrorism, among other things.
Ogone Tlhage
Namibia has made significant efforts to address shortcomings identified by the Financial Action Task Force (FAFT) amid fears that it may be grey-listed.

The country will know next month whether its efforts have been sufficient.

Grey-listing means a country is under increased monitoring by the FATF due to certain deficiencies in combatting money laundering and the financing of terrorism, among other things.

Finance ministry executive director Titus Ndove told Namibian Sun that the concerns raised were addressed and Namibia is now awaiting a decision.

“Namibia has officially submitted her position. The country has diligently addressed the concerns highlighted in the mutual evaluation report, and we are eagerly awaiting the outcome.”

Namibia’s efforts to remain in good stead were further bolstered by efforts on the part of authorities to ensure technical compliance with recommendations.

“We got our technical compliance in fine shape with laws promulgated last year. We need to demonstrate the effectiveness of our regime, which means more criminal investigations and more cases before court,” an official close to the matter said.

Recommendations issued

Namibia found itself wanting following an evaluation by the FATF in 2022. The task force recommended that the country take steps to improve efforts to deal with aspects of money laundering and terrorist financing.

Among the recommendations, the FATF highlighted that Namibia does not implement terrorist financing measures and does not use the United Nations Security Council’s freezing measures in its overall strategy to combat terrorist and proliferation financing.

“In addition, a review of the non-profit organisations sector - to identify those organisations that are vulnerable to terrorist financing abuse - has not been done, hence [there is] no risk-based supervision and monitoring of nor sanctions in the sector,” the FATF said.

“Namibia should take urgent steps to assess the scale and magnitude of money laundering and terrorist financing threats to better inform resource allocation to key anti-money-laundering and combatting the financing of terrorism agencies,” it said.

Involve law enforcement

FAFT further recommended that law enforcement agencies such as the Namibian Police and the Anti-Corruption Commission (ACC) should collaborate when pursuing cases involving financial crimes.

“The police and the ACC should work closely with the Financial Intelligence Centre and the Office of the Prosecutor-General in the use of financial intelligence to proactively pursue complex money-laundering cases such as [the] Fishrot corruption [matter] by focusing on stand-alone and third-party laundering - including professional enablers and organised criminal networks - and ensure confiscation of criminal property,” the task force said.

In September 2022, Namibia underwent its second peer review, a mutual evaluation by the Eastern and Southern African Anti-Money Laundering Group and FATF, which found the country needed to strengthen its laws.

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Namibian Sun 2024-05-03

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Premier League: Chelsea 2 vs 0 Tottenham Hotspur European Championships Qualifying: Coventry City 1 vs 2 Ipswich Town English Championship: Coventry City 1 vs 2 Ipswich Town Katima Mulilo: 12° | 32° Rundu: 13° | 32° Eenhana: 13° | 32° Oshakati: 15° | 32° Ruacana: 15° | 33° Tsumeb: 16° | 30° Otjiwarongo: 13° | 29° Omaruru: 13° | 31° Windhoek: 12° | 27° Gobabis: 15° | 28° Henties Bay: 14° | 21° Wind speed: 20km/h, Wind direction: SW, Low tide: 05:43, High tide: 12:02, Low Tide: 17:54, High tide: 00:23 Swakopmund: 16° | 19° Wind speed: 19km/h, Wind direction: W, Low tide: 05:41, High tide: 12:00, Low Tide: 17:52, High tide: 00:21 Walvis Bay: 16° | 25° Wind speed: 28km/h, Wind direction: W, Low tide: 05:41, High tide: 11:59, Low Tide: 17:52, High tide: 00:20 Rehoboth: 14° | 29° Mariental: 17° | 31° Keetmanshoop: 19° | 31° Aranos: 16° | 31° Lüderitz: 15° | 25° Ariamsvlei: 18° | 33° Oranjemund: 14° | 22° Luanda: 25° | 28° Gaborone: 14° | 27° Lubumbashi: 12° | 26° Mbabane: 12° | 26° Maseru: 11° | 25° Antananarivo: 13° | 24° Lilongwe: 13° | 27° Maputo: 19° | 28° Windhoek: 12° | 27° Cape Town: 15° | 19° Durban: 17° | 28° Johannesburg: 16° | 25° Dar es Salaam: 24° | 28° Lusaka: 15° | 27° Harare: 13° | 28° Currency: GBP to NAD 23.22 | EUR to NAD 19.9 | CNY to NAD 2.56 | USD to NAD 18.52 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.31 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.68 | ZWL to NAD 0.04 | BRL to NAD 3.62 | RUB to NAD 0.2 | INR to NAD 0.22 | USD to DZD 134.15 | USD to AOA 834.06 | USD to BWP 13.64 | USD to EGP 47.9 | USD to KES 134.48 | USD to NGN 1349.9 | USD to ZAR 18.52 | USD to ZMW 26.95 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 76046.88 Down -0.04% | Namibian Stock Exchange (NSX) Overall Index 1692.54 Up +0.10% | Casablanca Stock Exchange (CSE) MASI 13322.85 Up +0.03% | Egyptian Exchange (EGX) 30 Index 26113.71 Up +6.81% | Botswana Stock Exchange (BSE) DCI 9146.09 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - 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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 299.74/OZ DOWN -0.0103 | Copper US$ 4.49/lb DOWN -0.0092 | Zinc US$ 2 900.80/T DOWN -0.38% | Brent Crude Oil US$ 84.59/BBP UP +0.35% | Platinum US$ 965.56/OZ UP +1.05%