Financial Crimes Against Individuals in Namibia: EU Offers Training to Enhance Anti-Money Laundering Efforts
EU Offers Support to Help Namibia Exit Grey List
The European Union has launched a training workshop for Namibian officials in charge of financial intelligence analysis, investigations, and prosecution of money laundering and terrorist financing. The move comes as Namibia remains on the Financial Action Task Force’s ‘grey list’ following its listing in February this year.
Capacity Building for Effective Anti-Money Laundering Efforts
The training workshop aims to build the capacity of attending officials from various state agencies, including:
- Police Force
- Anti-Corruption Commission
- Office of the Prosecutor General
EU Commitment to Supporting Anti-Illicit Financial Flows Efforts
The European Union has expressed its commitment to working with Namibia in her efforts against illicit financial flows, with a focus on exiting the FATF grey list within the shortest time possible.
Background: Namibia’s Placement on Grey List
Namibia was placed on the Financial Action Task Force’s grey list in February 2024, following shortcomings in compliance with international anti-money laundering, counter-terrorism financing, and counter-proliferation financing standards. The country has since implemented substantial recommended actions, but remains under increased monitoring due to remaining areas of the action plan that need to be addressed.
EU’s AML-CFT ESCAY Project: Strengthening National Institutions Against Illicit Financial Flows
The EU’s AML-CFT ESCAY Project supports 33 countries in Eastern, Central, and Southern Africa, as well as Yemen, to strengthen national institutions mandated to anti-money laundering/counter-terrorism financing (AML/CFT) and fight illicit financial flows generated by forms of transnational organized crimes. The project has made significant strides in combatting illicit financial flows generated in the region, helping to strengthen capacities of countries to curb transnational organized crime.
The training workshop is a crucial step in enhancing Namibia’s capacity to implement necessary actions identified in the FATF action plan and comply with international standards.