Namibia Country Summary

FATF Status

Namibia is on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation relating to the implementation of anti-money laundering and counter-terrorist financing standards in Namibia was undertaken in 2024. According to that Evaluation, Namibia was deemed Compliant for 8 and Largely Compliant for 27 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness ratings.

Namibia faces significant challenges related to crime and corruption, with persistent issues such as human trafficking, illicit trade, and wildlife crime. Despite having anti-corruption legislation and a relatively independent judiciary, the effectiveness of these measures is hampered by budgetary constraints, inadequate training for law enforcement, and a general lack of public trust in government efforts to combat graft.

Namibia's economy is characterized by a strong emphasis on attracting both domestic and foreign investment to foster economic growth, reduce unemployment, and diversify its economic base. The government, through the Ministry of International Relations and Trade, implements the Foreign Investment Act of 1993, which ensures equal treatment for foreign and local investors, providing protections such as fair compensation for expropriation and access to international arbitration. The investment climate is generally favorable, bolstered by political stability, a robust legal framework, and strategic initiatives aimed at enhancing infrastructure and promoting sectors like mining, fishing, and tourism, although challenges such as a small domestic market and a limited skilled labor pool persist.