Finance Ministry confirms removal from FATF grey list

Namibia said on Friday that Paris-based financial crime watchdog the Financial Action Task Force (FATF) was removing it from its ‘grey list’ of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing, reports Business Day. Namibia’s Finance Ministry said the FATF made the announcement on Friday at a plenary meeting. The FATF did not immediately respond to a Reuters request for comment. Namibia was placed on the ‘grey list’ in February 2024 due to 13 deficiencies in its systems to combat money laundering and terrorism financing. The Southern African country’s Finance Ministry said an on-site assessment by the FATF was successful after the watchdog earlier found it had largely addressed the 13 deficiencies. Meanwhile, The Namibian reports that the Independent Patriots for Change has called for transparent beneficial ownership after Nambia’s removal from the greylist. It says Namibia must make beneficial ownership information public to keep the country in line with international standards. 'Two of the 13 weaknesses Namibia just corrected were gaps in beneficial ownership transparency and the failure to prosecute money laundering,’ shadow minister of International Relations and Trade Rodney Cloete said on Saturday. Beneficial ownership reflects who really owns and controls a company. Cloete said information about companies’ owners must be made readily available, especially regarding petroleum, mining and procurement.