Namibia partners with EU Global Facility for technical assistance on beneficial ownership reporting

The Government of the Republic of Namibia has formally requested technical assistance from the European Union Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (EU AML/CFT Global Facility) to enhance its compliance with international standards on beneficial ownership reporting.

The EU Global Facility kicked of a scoping mission workshop that aims to outline priority activities for technical assistance on beneficial ownership. This mission will assess Namibia’s specific needs and challenges, forming the basis for a workplan proposal tailored specifically to Namibia’s requirements. The workshop is attended by approximately 20 representatives from key Namibian government agencies, including the Ministry of Justice, Bank of Namibia, Business and Intellectual Property Authority, Master of the High Court, Financial Intelligence Centre, Namibia Financial Institutions Supervisory Authority, Namibia Revenue Agency, Anti-Corruption Commission of Namibia, Central Public Procurement Board, Namibian Police, the Office of the Prosecutor-General and the Institute for Chartered Accountants.

The ultimate goal of this collaboration is to support Namibia in exiting the FATF’s Grey List, while strengthening the country’s financial systems, transparency, and accountability. The EU AML/CFT Global Facility is a technical assistance project dedicated to supporting partner countries worldwide in strengthening their AML/CFT policies and operational frameworks.