Namibia is making positive strides in addressing the Strategic deficiencies outlined by the FATF in its Action Plan following its greylisting. Progress has been reported on several action items, with a specific focus on the filing of beneficial ownership information required by law, which is critical for exiting the grey list by May 2025.
Last week, the Financial Action Task Force (FATF) held a plenary meeting in Paris to review Namibia’s progress regarding its greylisting status. Namibia has made notable advancements in addressing the deficiencies outlined in its FATF Action Plan, which was established after its greylisting on February 23, 2024.
The FATF’s action plan for Namibia outlines 13 strategic deficiencies that need to be resolved before the final reporting cycle ends in May 2026. Bryan Eiseb, director of the Financial Intelligence Centre (FIC), stated that timely resolution of these deficiencies will facilitate Namibia’s exit from the grey list.
According to the FATF report adopted on February 21, Namibia has effectively addressed four out of the 13 action items while one remains unresolved. “The FIC, as the coordinator for the remediation of the FATF action plan, is so far pleased with the progress made by Namibia and as recognised by the FATF,” stated Eiseb.
Eiseb emphasized the necessity for companies and close corporations to submit their beneficial ownership information to the Business and Intellectual Property Authority (BIPA) as mandated by law, which is crucial for resolving the remaining action item. This information must be filed ahead of the FATF’s May 2025 review, enhancing Namibia’s prospects of improving its rating.
The timely submission of the beneficial ownership documentation will be pivotal for Namibia’s chances during the upcoming FATF evaluation. The National Coordinating Committee, led by the FIC, is committed to rectifying deficits swiftly and has been reporting on these advancements regularly to the Cabinet.
In summary, Namibia is taking significant steps towards addressing its FATF greylisting status. With concrete progress on four action items and a commitment to filing beneficial ownership information, the country aims to enhance its rating by May 2025. The continued efforts of the FIC and the National Coordinating Committee show dedication to exiting the greylist by resolving identified deficiencies promptly.
Original Source: neweralive.na
