Windhoek: Namibia has been invited by the Financial Action Task Force (FATF) to participate as a guest jurisdiction in FATF Plenary meetings for one year, the Financial Intelligence Centre (FIC) said on Friday.
According to Namibia Press Agency, FIC Director Bryan Eiseb noted in a media statement that the invitation signifies recognition of Namibia's ongoing efforts to enhance its anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF) framework. The guest initiative aims to foster greater cohesion across the FATF Global Network and enhance the involvement of non-FATF members.
Eiseb emphasized that the objective of the guest initiative is to broaden the diversity of perspectives and backgrounds at the FATF. As a guest jurisdiction, Namibia will be permitted to participate under its national flag in FATF Plenary and Working Group discussions, although it will not possess voting rights. This arrangement provides Namibia with the opportunity to participate directly in discussions, express its national position, and share its experiences on AML/CFT/CPF and related matters.
Currently, non-FATF member countries engage in FATF Plenary and Working Group meetings through regional organizations, with Namibia being represented through the Eastern and Southern Africa Anti-Money Laundering Group. Guest status will also enable Namibia to contribute directly to global AML/CFT/CPF policy formulation and adoption.
FATF Plenary discussions are pivotal in shaping international AML/CFT/CPF standards and policy responses, influencing how countries address financial crimes. Eiseb stated that Namibia welcomes the invitation, viewing it as a crucial platform to contribute to international policy discussions, learn from global partners, and bring regional perspectives to the FATF table.
He added that participation will enhance Namibia's understanding of FATF processes, particularly in standard and procedure-setting, risks, and financial crime typologies. Additionally, it will support Namibia's preparations for its next AML/CFT/CPF mutual evaluation and strengthen cooperation with international partners, as stated by the centre.
The FIC will coordinate Namibia's participation in conjunction with the national Anti-Money Laundering Council, chaired by the Governor of the Bank of Namibia. The centre will also collaborate with the private sector, particularly the banking industry, to ensure that Namibia's participation reflects stakeholder perspectives and supports national and regional development priorities.
Eiseb mentioned that participation under the Guest Initiative grants Namibia a temporary seat at the 'main table' and an opportunity to deepen its engagement with the FATF Global Network.