Financial Crime World

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EU Rolls Out Anti-Money Laundering Training for Namibia Amid Grey List Concerns

The European Union has launched a specialized training workshop in Namibia aimed at enhancing the country’s capabilities in tackling money laundering, terrorist financing, and related crimes. This move comes as a response to Namibia’s recent inclusion on the Financial Action Task Force (FATF) grey list.

Training Workshop Details

  • The week-long workshop is organized in collaboration with the Namibian Financial Intelligence Center (FIC).
  • Over 30 Namibian authorities will be equipped with the necessary skills to implement actions outlined in the FATF action plan.
  • The training aims to boost Namibia’s adherence to international standards and facilitate its expedient removal from the grey list.

EU’s Commitment to Supporting Namibia

EU Ambassador to Namibia Ana Beatriz Martins highlighted the EU’s commitment to bolstering Namibia’s financial systems and helping the country achieve compliance with international standards. “We are therefore very delighted to offer our support to Namibia, not only to exit the grey list, but to also strengthen her framework in fighting illicit financial flows, money laundering, and forms of organized crime,” she said.

FIC Director Emphasizes Collaborative Efforts

Director of FIC Namibia Bryan Eiseb emphasized the need for collaborative efforts across state agencies, the private sector, and international partners to combat financial crime effectively. He stressed the importance of utilizing all available tools in the criminal justice system to detect and intervene in financial crimes, thereby reinforcing the message that crime does not yield profit.

Background on Namibia’s Grey Listing

Namibia was grey listed by the FATF in February due to concerns over its compliance with international standards. The FATF identified deficiencies in Namibia’s effectiveness in six out of 11 key areas, highlighting issues in safeguarding its financial system from abuse related to money laundering, terrorist financing, and proliferation financing.