Financial Crime World

Bank of Namibia Fiches Out Money Laundering Suspects

Warning to Individuals and Entities Suspected of Engaging in Money Laundering

The Bank of Namibia (BoN) has issued a stern warning to individuals and entities suspected of engaging in money laundering activities in the country. In a statement, the institution reiterated its commitment to combating money laundering, which is described as the process of concealing the proceeds of crime to make it appear legitimate.

Strengthened Fiche System

The BoN’s Fiche System, a mechanism used to collect and verify information about entities operating in Namibia, has been strengthened to detect and prevent money laundering activities. Entities required to submit their information to the Fiche System include:

Close Corporations

  • Incorporated outside Namibia? Provide your registered address and head office address.
  • Registration Number required.

Partnerships

  • Registered name and address required.
  • Contact details and full names, national identity numbers or passport numbers, and date of birth for each partner.

Trusts

  • Full name of the trust and registration number (if any) required.
  • Residential addresses of trustees and beneficiaries referred to by name in the trust deed.

Money Laundering: A Serious Crime

The BoN has emphasized that money laundering is a serious crime that affects the stability of the Namibian economy. The institution is committed to working with relevant authorities to prevent and combat money laundering activities.

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