Namibia, Africa’s largest uranium producer, has been removed from the Financial Action Task Force (FATF) grey list, marking a major milestone in the country’s efforts to strengthen its financial system and boost investor confidence.
Namibia has been removed from the Financial Action Task Force (FATF) grey list, marking a significant milestone in the country's efforts to strengthen its financial system and improve its standing among international investors.
The Paris-based financial crime watchdog announced on Friday that Namibia had been taken off its list of jurisdictions under increased monitoring after successfully addressing deficiencies in its anti-money laundering and counter-terrorism financing framework. Algeria was also removed from the list during the same plenary meeting.
The decision places Namibia among a growing number of African nations that have successfully exited the global watchdog’s list of jurisdictions under increased monitoring, reflecting broader progress across the continent in tackling money laundering and terrorism financing risks.
Namibia was placed on the grey list in February 2024 after FATF identified 13 strategic deficiencies in its systems for combating money laundering and terrorism financing.
