Financial Crime World

AML/CFT Regulations in Namibia Take Centre Stage as FIC Launches Enforcement Drive

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The Financial Intelligence Centre (FIC) has announced a major enforcement drive aimed at strengthening Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations in Namibia. The move is designed to combat financial crimes and ensure that the country’s financial system remains robust and secure.

Intensified Efforts to Monitor Compliance

  • The FIC will be intensifying its efforts to monitor and enforce compliance with AML/CFT regulations, particularly among:
    • Financial institutions
    • Designated non-financial businesses and professions (DNFBPs)
    • Individuals
  • The agency will also focus on ensuring that all relevant parties are registered and in compliance with the required reporting requirements.

Commitment to Technical Assistance and Support

The FIC has reiterated its commitment to providing technical assistance and support to all stakeholders, including:

  • Financial institutions
  • DNFBPs
  • Individuals to ensure that they are fully compliant with AML/CFT regulations. The agency’s hotline and email address have been activated for any queries or concerns related to compliance.

Public Urged to Report Suspicious Activities

The public is being urged to report any suspicious transactions or activities to the FIC’s Cross Border Cash Declaration Hotline. The agency has also provided a range of contact numbers and email addresses for:

  • Reporting suspicious activities
  • Technical assistance
  • General enquiries

A Major Step Forward in Combating Financial Crimes

The enforcement drive is seen as a major step forward in Namibia’s efforts to combat financial crimes and maintain a clean and transparent financial system. As an FIC official stated, “We cannot afford to take our eyes off the ball when it comes to AML/CFT. It’s essential that we maintain a robust regulatory framework that prevents illegal activities from being carried out through our financial system.”