Rundu: The Business and Intellectual Property Authority (Bipa) held a stakeholder engagement session in Rundu on Wednesday to gain input and comments on the Corporate Laws Bill of 2025. The bill aims to correct weaknesses identified in Namibia’s 2022 Financial Action Task Force (FATF) evaluation, addressing gaps in both legislation and implementation to strengthen compliance and improve the country’s corporate regulatory framework.
According to Namibia Press Agency, Bipa’s Legal Compliance Officer, Nkgopolang Knowledge Serogwe, stated that the bill seeks to modernize Namibia’s corporate legal framework by repealing and replacing the Close Corporations Act of 1988 with a new structure for Closely Held Companies (CHCs). It also emphasizes improving directors’ standards of conduct and liability, along with clarifying requirements related to business names, auditors, and audit committees.
Serogwe highlighted that one of the major failures was on Immediate Outcome 5, concerning the transparency of legal persons, an area directly overseen by Bipa. He explained that the reforms are essential for strengthening beneficial ownership transparency. Although temporary amendments were made through the Companies Amendment Act of 2023 and the Close Corporations Amendment Act, these measures were deemed inadequate due to the lack of proper verification mechanisms to confirm the true beneficial owners of entities.
He asserted, ‘This is why the new bill we are proposing will correct the deficiencies identified during the FATF evaluation.’
Raphael Likando, Bipa’s Executive Business Registration Services Officer, also addressed Namibia’s grey listing. He noted that during Bipa’s latest assessment in Dar es Salaam, Tanzania in April this year, its action items were deemed satisfactory. ‘Namibia now awaits an on-site inspection, which could pave the way for its removal from the grey list as early as the next financial year,’ Likando said.
Namibia has been on the FATF grey list, which imposes heightened monitoring for weaknesses in anti-money laundering and counter-terrorism financing controls, since February 2024. The country continues to work towards full compliance and eventual delisting.