Financial Crime World

Laundering Unit to Undertake Complex Financial Investigations and Prosecutions

Namibia has made significant progress in combating money laundering and terrorist financing, but there are still several areas that require attention.

Strengthening Institutional Framework

  • Establish supervisory bodies for institutions without such bodies
  • Provide regulatory powers to administrative bodies
  • Develop a comprehensive framework outlining the functionality of multi-disciplinary task forces responsible for investigating complex financial crimes

Enhancing Legislative and Regulatory Framework

  • Adopt legislative instruments creating regulatory bodies for accountable institutions
  • Provide regulatory powers to supervisory bodies
  • Establish inter-agency memoranda of understanding to ensure effective coordination in handling complex financial investigations crossing agency boundaries

Effective Coordination of National AML/CFT Programmes

Namibia has established a dedicated national task force, the Anti-Money Laundering Advisory Council (AMLAC), which coordinates the national AML/CFT strategy and facilitates liaison between ministries and agencies responsible for combating money laundering and terrorist financing.

Functions of AMLAC

  • Advising the Minister of Finance on policies and measures to combat money laundering activities
  • Making recommendations for legislation and policy enhancements
  • Coordinating the implementation of the National Strategy

Effective Training on AML/CFT

The Bank of Namibia’s Financial Intelligence Centre conducts training for staff of financial institutions, regulatory bodies, and law enforcement agencies. However, there is still a need for devising training programs and conducting AML/CFT training for:

  • Law enforcement agencies
  • The Office of the Judge President
  • Magistrate’s Commission

Effective Allocation of Sufficient Resources

Government has allocated a budget to the Bank of Namibia for its Financial Intelligence Centre operations. However, Namibia must ensure that sufficient resources are provided by government to enforce AML/CFT laws effectively, including:

  • Recruitment of high-level professional and non-professional staff
  • Preparation of a costing analysis for implementing the AML/CFT programme

Conclusion

Namibia has made progress in combating money laundering and terrorist financing, but there are still several areas that require attention. To successfully implement its AML/CFT programme, Namibia must:

  • Establish supervisory bodies
  • Provide regulatory powers to administrative bodies
  • Develop a comprehensive framework for task forces
  • Adopt legislative instruments
  • Ensure effective coordination, training, and allocation of resources.