Financial crime watchdog removes Namibia and Algeria from 'grey list'

The Financial Action Task Force has removed Namibia and Algeria from its 'grey list' after both countries made significant progress in tackling financial crime and improving anti-money laundering measures.

The ​Financial Action Task ​Force global anti money-laundering ‌watchdog ​on Friday removed Namibia and Algeria from its 'grey list' ‌of countries that require increased monitoring, as both countries made good progress in tackling financial crime.

"On the ‌FATF grey list, this week we ‌have removed Algeria and Namibia from the grey list, after Algeria made strides in risk-based supervision, beneficial ⁠ownership and ​targeted financial ⁠sanctions, and Namibia enhancing risk-based supervision to financial and ⁠non-financial sectors and increased investigations and prosecutions of serious ​and complex money laundering," said FATF president ⁠Elisa de Anda Madrazo in a statement.

Namibia's government had ⁠already ​stated that it had been removed from the FATF's "grey list". Namibia was placed ⁠on the 'grey list' in February 2024 due to ⁠13 ⁠deficiencies in its systems to combat money laundering and terrorism financing.