Bank of Namibia Act: Deputy Governor Authorizes Investigation into Illegal Banking Business

Crackdown on Unlawful Activities in Namibian Financial Sector

Windhoek - The Deputy Governor of the Bank of Namibia has given the green light to an investigation into a suspected case of unauthorized banking business, aimed at cracking down on illegal activities in the country’s financial sector.

Investigation Sparks Allegations of Illegal Banking Operations

The investigation was prompted by allegations that a certain individual or entity is conducting banking business without proper authorization from the Bank of Namibia. The Deputy Governor has authorized an officer of the Bank to conduct searches and seizures, question witnesses, and freeze bank accounts in order to gather evidence and bring the perpetrators to book.

Powers Granted Under the Bank of Namibia Act

Under the authority granted by the Bank of Namibia Act, the investigating officer may: * Enter any premises suspected of being used for illegal banking activities * Search for records and documents * Seize any incriminating evidence * Suspend or close down the business if necessary

Emphasis on Ensuring Compliance with Banking Regulations

The Deputy Governor emphasized that this investigation is part of a broader effort to ensure compliance with banking regulations in Namibia. “We will not tolerate any individuals or entities who seek to undermine the stability and integrity of our financial system,” said the Deputy Governor.

Public Urged to Come Forward with Information

The public is urged to come forward with any information that may assist in this investigation. The Bank of Namibia is committed to protecting the interests of depositors and ensuring a safe and stable banking environment for all citizens.

End