Windhoek: Namibia's removal from the Financial Action Task Force (FATF) grey list confirms that the country has taken the necessary corrective action and reinforces its standing as a credible, transparent, and responsible participant in the global financial system. Bank of Namibia Governor Ebson Uanguta, who chairs the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Council, said this on Tuesday at a media briefing in Windhoek following the announcement that Namibia was removed from the FATF list of jurisdictions under increased monitoring on 19 June 2026.

According to Namibia Press Agency, Uanguta explained that while the grey list is not a sanctions list and does not cut a country off from the international financial system, it carries significant practical consequences. Grey listing results in increased scrutiny, longer transaction processing times, higher compliance costs, and greater caution by international counterparties.

Uanguta emphasized that addressing these challenges was critical to protecting Namibia's access to global financial markets, supporting trade and investment, and ensuring that the financial system remains trusted by international partners. He noted that one of the most important lessons from the process was that financial integrity required a whole-of-government approach, and that strong laws alone were insufficient if implementation was weak.

The AML/CFT Council, as a statutory body mandated to provide strategic policy direction, oversight, and coordination across Namibia's anti-money laundering and counter-financing of terrorism framework, served as a platform for unprecedented coordination across government, regulatory authorities, law enforcement agencies, and private sector stakeholders. Uanguta also cautioned that the exit did not mean financial crime risks had disappeared, and that the responsibility now was to sustain and deepen progress. 'While we celebrate this achievement today, we also recognise that safeguarding financial integrity is a continuous responsibility,' he said.