The Financial Action Task Force (FATF) removed Namibia and Algeria from its “grey list” on Friday after both countries strengthened efforts to combat money laundering and other financial crimes.
FATF President Elisa de Anda Madrazo said Algeria had improved risk-based supervision, beneficial ownership transparency and the implementation of targeted financial sanctions.
Namibia, meanwhile, strengthened oversight of financial and non-financial sectors while increasing investigations and prosecutions involving serious and complex money-laundering cases.
Countries on the FATF grey list are subject to increased monitoring because of weaknesses in their systems for preventing money laundering and terrorism financing.
Namibia was added to the list in February 2024 after the watchdog identified 13 deficiencies in its financial crime safeguards. Its government had announced the country’s removal shortly before FATF formally confirmed the decision.