Namibia’s Financial Watchdog Cracks Down on Money Laundering

Money laundering is a significant threat to the financial stability of any country, including Namibia. To combat this issue, the Namibia Financial Intelligence Centre (NAMFISA) has issued a stern warning against money laundering and emphasized the importance of reporting suspicious transactions.

What is Money Laundering?

According to NAMFISA, money laundering is the process by which criminals conceal the origins of illegal funds through various transactions. This can involve using ill-gotten gains to purchase legitimate assets such as cars, property, or shares, before selling them to recoup the investment. Criminals may also use their illegal earnings to fund legitimate businesses, making it difficult for law enforcement agencies to trace the money back to its criminal origins.

How Does Money Laundering Affect the Nation’s Economy?

Money laundering can have a significant impact on the nation’s economy by:

• Undermining trust in financial institutions and systems
• Creating uncertainty and instability in the financial market
• Allowing criminals to conceal their illegal activities
• Funding terrorist activities

NAMFISA’s Role in Combating Money Laundering

As Namibia’s designated anti-money laundering (AML) and combating the financing of terrorism (CFT) supervisory body, NAMFISA is responsible for monitoring and enforcing compliance with financial regulations. The authority advises the Minister of Finance on matters related to financial institutions and services.

Reporting Suspicious Transactions

NAMFISA Chief Executive Officer Phillip N. Shiimi emphasized the importance of reporting suspicious transactions to prevent money laundering. He urged the public to report any suspected cases of money laundering to NAMFISA’s Complaints Department, which can be reached at:

• Phone: (061) 290 5000
• Email: complaints@namfisa.com.na

NAMFISA treats all information obtained from the public with confidentiality and encourages anyone with knowledge of financial crimes to come forward.

How You Can Help

As Namibia continues to grapple with economic challenges, it is essential that individuals and institutions work together to prevent financial crimes and promote a transparent and stable economy. By staying vigilant and reporting suspicious transactions, we can all play a role in keeping our nation’s finances clean and secure.

• Visit NAMFISA’s website: www.namfisa.com.na
• Contact NAMFISA at its offices on the 6th Floor, Alexander Forbes House, 154 Independence Avenue, Windhoek.