By Stefanus Nashama
In a move to strengthen global financial safeguards, the European Commission has added Namibia to its updated list of high-risk jurisdictions for anti-money laundering and counter-terrorist financing (AML/CFT), following recent deliberations by the Financial Action Task Force (FATF). The announcement was made on Thursday by the European Union (EU) delegation in Namibia. 

Namibia now joins other countries on the high-risk list, including Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Nepal, and Venezuela.

According to the EU, this move is a direct consequence of the FATF’s February 2024 plenary meeting, during which Namibia was placed on the FATF “grey list” due to identified strategic deficiencies in its AML/CFT regime. “The European Commission’s decision is subject to scrutiny by the European Parliament and the Council of Ministers within the coming month. If approved, the list will enter into force 20 days after publication in the EU Official Journal,” the EU stated.

Once in effect, banks and financial institutions in all 27 EU member states will be required to apply enhanced due diligence measures when conducting financial transactions involving Namibia. However, the EU stressed that the listing does not constitute sanctions and does not restrict Namibia’s access to trade, investment, or EU cooperation funding.

“This is not a political judgment nor a punitive action. It is a procedural requirement to ensure proper financial vigilance.”

The EU reaffirmed its strong partnership with Namibia and highlighted its ongoing technical assistance to support Namibia’s efforts in strengthening its AML/CFT framework.

In mid-2024, the EU delegation responded to a request from Namibian authorities for support in implementing the FATF Action Plan. Since then, technical cooperation has been ongoing with key institutions, including the Namibia Financial Intelligence Centre (FIC), Namibia Revenue Agency, Customs Authority, Namibian Police, and other enforcement bodies.

“These efforts aim to help Namibia fulfill its FATF obligations and eventually pave the way for its removal from both the FATF grey list and the EU high-risk list,” the EU stated. European Union ambassador to Namibia, Ana Beatriz Martins, reaffirmed the EU’s commitment to collaboration.

“The European Union values its strong partnership with Namibia. We are actively supporting Namibia’s efforts to strengthen its anti-money laundering framework through dedicated technical assistance, workshops, and training activities,” Martins said. “We share the same goal: to work towards a more transparent, secure, and trusted global financial system that protects us from abuse by criminals, terrorists, and corruption.”

The European Commission further stated that Namibia’s delisting will depend on demonstrated and sustained progress in implementing its FATF action plan, including strengthening the effectiveness of its AML/CFT systems. 
Once Namibia is removed from the FATF list, the EU will evaluate Namibia’s reforms in accordance with its own procedures.

The EU encourages continued open dialogue and technical engagement with both public and private stakeholders in Namibia.