Grey-listing Could Negatively Affect Namibia’s GDP by 6%

 

 

By: Staff writer

 

Namibia’s recent grey-listing by the anti-money laundering watchdog Financial Action Task Force (FATF) could have a detrimental impact on the country’s Gross Domestic Product (GDP) by up to 6%.

The grey-listing occurred on Friday following a review last week, prompted by Namibia’s failure to implement all 72 recommended actions outlined in the Mutual Evaluation Report.

Consequently, Namibia will be subjected to increased monitoring due to concerns over its effective implementation of international Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Combating Proliferation Financing (CPF) standards.

Johannes !Gawaxab, Chairperson of Namibia’s Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Combating Proliferation Financing (CPF) Council, acknowledged the implications of Namibia’s grey-listing, including potential negative effects on foreign direct investment, trade, and financial transactions.