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Financial Crime in Namibia: Country Slips onto FATF’s ‘Grey List’

The Financial Action Task Force (FATF), an international crime watchdog, has placed Namibia and Kenya under increased monitoring due to inadequate measures against money laundering and terrorism financing. Both countries have been added to the ‘grey list’ of jurisdictions that need to strengthen their financial regulations.

Reasons for Inclusion on the Grey List

According to a statement by FATF, both Namibia and Kenya were placed on the list during its recent plenary session. This move comes after a report by FATF last year highlighted several risks faced by these countries, including:

• Money flows linked to terrorism financing from within and outside their borders
• The threat posed by cryptocurrencies

Impact on Namibia

The addition of Namibia to the ‘grey list’ could have negative implications on the country’s foreign direct investment, according to its Financial Intelligence Centre. This development is likely to raise concerns about financial crime in Namibia, which has been a growing issue globally.

Namibia’s inclusion on the list may also affect its reputation as an attractive destination for foreign investors, potentially impacting:

• Economic growth
• Stability

Required Actions

The country will now be required to implement measures to strengthen its financial regulations and improve transparency in order to avoid being downgraded further.