EU Steps In To Help Namibia Crack Down On Money Laundering

Strengthening Financial Systems and Transparency in Namibia

The Namibian government has sought technical assistance from the European Union’s Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism to strengthen its financial systems and transparency.

Workshop Launched to Outline Priority Activities for Technical Assistance

A scoping mission workshop was launched yesterday to outline priority activities for technical assistance in beneficial ownership reporting. The workshop brought together representatives from key Namibian government agencies, including:

• Ministry of Justice
• Bank of Namibia
• Financial Intelligence Centre

EU Facility to Provide Workplan Proposal Tailored to Namibia’s Requirements

The European Union’s facility will provide a workplan proposal tailored specifically to Namibia’s requirements, which is seen as crucial in helping the country exit the Financial Action Task Force’s Grey list.

Ultimate Goal: Strengthening Financial Systems, Increasing Transparency and Accountability

The ultimate goal of this collaboration is to strengthen financial systems, increase transparency and accountability in the country. An official from the Namibian government stated:

“This collaboration with the EU AML/CFT Global Facility will play a significant role in supporting our efforts to address money laundering concerns.”

Industry Stakeholders Welcome EU Support

Industry stakeholders see this move as a significant step forward in enhancing transparency and accountability in the country’s financial systems. A local business leader said:

“This collaboration is long overdue… We welcome the EU’s support in helping us strengthen our anti-money laundering measures.”