Namibia Likely To Be Grey-Listed After Reforms Deadline Failure

 

By: Justicia Shipena

 

There are high chances that Namibia would be greylisted by the Financial Action Task Force (FATF) following its failure to fully implement all the recommendations outlined in the Mutual Evaluation Report.

Finance Minister Iipumbu Shiimi disclosed that Namibia has addressed 59 out of 72 key recommended actions outlined in the Mutual Evaluation Report, leaving 13 outstanding. Unfortunately, the country did not manage to resolve these remaining issues by the deadline.

As a consequence, Namibia faces the possibility of being included on the list of jurisdictions under increased monitoring, commonly known as greylisting.

“Notably, 59 out of 72 action items were successfully addressed, with only 13 remaining. As a result of the few remaining action items, Namibia may be included on the list of jurisdictions under increased monitoring,” Shiimi said.