Financial Crime World

Namibia Steps Up Efforts to Combat Financing of Terrorism

The Government of Namibia has made significant progress in implementing measures to prevent the financing of terrorism, as reported by a recent assessment. The report evaluates Namibia’s compliance with international standards on combating the financing of terrorism (CFT), and highlights its implementation of the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Key Recommendations

The report shows that Namibia is compliant with several key recommendations, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)

Namibia has also made progress in implementing measures to confiscate and seize assets related to terrorism financing (R.4) and terrorist financing offence (R.5).

Areas for Improvement

However, the report identifies some areas where Namibia needs to improve, including:

  • Laws and regulations regarding non-profit organisations (R.8)
  • Financial institution secrecy (R.9)
  • Customer due diligence (R.10)

Additionally, Namibia requires strengthening of its internal controls and foreign branches and subsidiaries (R.18) as well as its regulation and supervision of financial institutions (R.26).

Progress Made

The report notes that Namibia has taken several steps to improve its CFT regime, including:

  • Establishment of a financial intelligence unit
  • Implementation of targeted financial sanctions related to terrorism and terrorist financing

Commitment to Improvement

The Government of Namibia is committed to further improving its CFT framework and is working closely with international partners to achieve this goal. The country’s efforts are aimed at preventing the misuse of its financial system for terrorist financing purposes and ensuring that it does not become a haven for terrorists to raise or launder funds.

By implementing these measures, Namibia demonstrates its commitment to combating terrorism and protecting its financial system from misuse.