Namibia Takes Aim at Financial Crime with Tougher Risk Management Measures

Strengthening the Fight Against Money Laundering and Terrorism Financing

The Anti-Money Laundering (AML) & Inspections department in Namibia is ramping up its efforts to combat financial crimes, including money laundering, terrorism financing, and other illicit activities. The department’s primary objective is to safeguard the integrity and stability of the country’s financial system by identifying and mitigating potential risks using a risk-based approach.

Collaboration with the Financial Intelligence Centre

The AML & Inspections department works closely with the Financial Intelligence Centre to combat financial crimes. Together, they conduct regular targeted audits on non-bank financial institutions to ensure compliance with regulatory requirements and identify any potential vulnerabilities.

Key Initiatives:

• Conducting regular targeted audits on non-bank financial institutions
• Scrutinizing their affairs to ensure compliance with regulatory requirements
• Identifying potential vulnerabilities in the financial system

Preventing Financial Crimes

The department’s robust approach is designed to prevent the misuse of the financial system for criminal purposes. This includes protecting vulnerable sectors such as banking and finance from illicit activities.

Benefits:

• Maintaining Namibia’s position as a stable and secure hub for international trade and investment
• Safeguarding the integrity and stability of the country’s financial system
• Preventing financial crimes, including money laundering and terrorism financing

By staying one step ahead of financial criminals, Namibia is demonstrating its commitment to fighting financial crime and ensuring a safe and secure financial environment for all stakeholders.