EU Supports Namibia's efforts to fight illicit financial flows
The European Union (EU), together with the Swedish Tax Agency (STA) last week celebrated the graduation of Namibia’s first cohort trained to combat Illicit Financial Flows (IFFs) under the EU-funded SecFin Africa project.The year-long programme brought together officials from the Bank of Namibia (BoN), the Namibia Revenue Agency (NamRA) and the Financial Intelligence Centre (FIC) to address tax losses linked to Withholding Tax on Services.
Over the past year, Namibia’s six-member team worked with STA coaches to analyse drivers of tax-related IFFs and design solutions tailored to Namibia’s administrative and economic context.
The initiative also deepened cooperation between national institutions and facilitated exchanges with other African countries.
The four-year collaboration foresees a new Namibian team each year addressing a different IFF-related challenge. This is part of the wider EU SecFin Africa Project, aimed at supporting Namibia in addressing the FATF grey listing.
Speaking at the event, EU Ambassador to Namibia, Ana Beatriz Martins, highlighted that the ceremony is not only a celebration of the participants’ achievements but also a tangible
demonstration of the EU’s broader cooperation with Namibia in fighting illicit financial flows and helping Namibia exit the FATF grey list.
“Today’s graduation shows how practical, sustained partnership such as the SecFin Africa project, translates into stronger institutions, improved financial integrity and real progress in addressing the root causes of IFFs.”
Bryan Eiseb, the director of the FIC, commended the participants for their perseverance and emphasised the importance of continuous capacity building to safeguard Namibia’s financial system. He said that that this project will contribute to reducing illicit financial flows from roughly 9% of GDP in 2025 to about 5% by 2030, in line with Namibia’s sixth National
Development Plan.
Deputy ambassador of Sweden to Namibia and South Africa, Kristian Olsson Selerud, reaffirmed Sweden’s commitment to supporting African countries in strengthening revenue systems and
combatting organised financial crime.