IPC calls for transparent beneficial ownership after Namibia's greylist removal

Shadow minister of international relations and trade Rodney Cloete highlighted that two of the 13 weaknesses Namibia corrected were gaps in beneficial ownership transparency and the failure to prosecute money laundering. Cloete emphasized that information about company owners, particularly in petroleum, mining, and procurement, should be readily available. He noted concerns that journalists cannot practically obtain beneficial ownership information from the Business and Intellectual Property Authority Bipa.

The IPC welcomed Namibia's removal from the greylist, acknowledging that greylisting increased the cost of cross-border payments and reduced foreign capital inflows. However, Cloete cautioned that the FATF only certified the presence of necessary frameworks and laws, not their effective use to prevent money laundering. Namibia was placed on the greylist in February 2024 due to 13 issues related to money laundering and combating the financing of terrorism.