By: Nghiinomenwa-vali Erastus
Namibia’s bid to exit the Financial Action Task Force’s (FATF) greylist is at risk due to delays in implementing beneficial ownership regulations, despite progress on other compliance issues.
The country has made strides in addressing 13 issues flagged by the FATF, but the lack of beneficial ownership filings remains a critical stumbling block.
Namibia must demonstrate its efforts to close legal and financial governance loopholes that exposed the system to potential abuse by criminals.
According to the Global Forum on Transparency and Exchange of Information for Tax Purposes, beneficial ownership refers to the natural person(s) who ultimately control or benefit from an entity’s financial performance.
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