Accra: Namibia has completed 11 of the 13 required reforms to strengthen its financial crime controls, most ahead of schedule, placing the country firmly on track for a sustainable exit from the Financial Action Task Force (FATF) grey list by May 2026.

According to Namibia Press Agency, a media statement issued on Friday by Financial Intelligence Centre (FIC) Director Bryan Eiseb said the FATF Plenary in Paris adopted Namibia’s third progress report on 24 October, commending the country’s strong political commitment to addressing the strategic deficiencies that led to its grey listing in February 2024. The reforms are outlined in a national action plan championed by Cabinet.

The FIC stated that the only outstanding areas now require a demonstrated increase in money-laundering prosecutions and the ability of authorities to identify and investigate terrorist-financing cases in line with national risk exposure. Eiseb mentioned that the progress reflects a coordinated national effort, emphasizing that they have not only met the set timelines in most areas but exceeded them. The remaining work is focused on delivering lasting enforcement outcomes.

The statement also links these advances to broader development priorities. Under the Sixth National Development Plan (NDP6), Namibia aims to reduce illicit financial flows from nine percent of Gross Domestic Product (GDP) in 2024 to five percent by 2030 as part of its economic growth and resilience strategy. The government says improving the national anti-money laundering and counter-terrorism financing (AML/CFT) framework forms a foundational pillar of this goal.

‘The national coordination committee of key offices, ministries and agencies remains committed to securing Namibia’s removal from the grey list,’ the statement added.