Financial Crime World

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Namibia’s Anti-Money Laundering Unit Under Fire: Further Actions Required

In a recent assessment, Namibia’s efforts to combat money laundering and terrorist financing have been deemed insufficient, prompting calls for further action.

Insufficient Efforts

According to the report, Namibia must still:

  • Establish supervisory bodies for accountable institutions that lack them
  • Provide regulatory powers to administrative bodies
  • Develop a comprehensive framework for multi-disciplinary task forces
  • Adopt legislative instruments to create regulatory bodies and provide regulatory powers

AMLAC’s Role

The Anti-Money Laundering Advisory Council (AMLAC) has been tasked with:

  • Coordinating national AML/CFT strategy
  • Facilitating liaison between ministries and agencies
  • Advising on policies and measures to combat money laundering activities

However, the report highlights that Namibia must still:

  • Develop a comprehensive framework for training on AML/CFT
  • Ensure effective allocation of sufficient resources

Capacity Building Challenges

The report criticizes Namibia’s lack of progress in developing its capacity within supervisory bodies responsible for:

  • Supervising financial institutions
  • Non-bank financial institutions
  • Designated non-financial businesses and professions

Namibia has not yet developed a comprehensive framework for multi-disciplinary task forces or inter-agency memoranda of understanding to handle complex financial investigations crossing agency boundaries.

Progress Made

Despite these challenges, Namibia’s Bank of Namibia has made some progress in:

  • Establishing a dedicated Financial Intelligence Centre
  • Conducting training for staff of financial institutions and regulatory bodies

However, more needs to be done to ensure effective implementation of the country’s AML/CFT strategy.

Key Recommendations

  1. Establish supervisory bodies for accountable institutions that lack them.
  2. Provide regulatory powers to administrative bodies.
  3. Develop a comprehensive framework for multi-disciplinary task forces.
  4. Adopt legislative instruments to create regulatory bodies and provide regulatory powers.
  5. Develop training programs for law enforcement agencies, the Office of the Judge President, and Magistrate’s Commission.
  6. Allocate sufficient resources to support AML/CFT efforts.

Conclusion

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Namibia’s anti-money laundering unit is facing significant challenges in its efforts to combat financial crimes. While some progress has been made, further action is required to strengthen the country’s AML/CFT regime. The government must take urgent steps to address these deficiencies and ensure that Namibia’s financial system is protected from the threats of money laundering and terrorist financing.