Financial Crime World

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Fighting Financial Crime: A Look at the Numbers

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The Financial Intelligence Centre (FIC) has released its latest report on Suspicious Transaction Reports (STRs) and cases related to money laundering and terrorist financing (ML/TF). The report provides an overview of the threats posed by ML/TF activities and highlights the efforts made by reporting institutions to prevent such crimes.

Corruption Leads the Way

  • According to the report, corruption was the most prevalent predicate offence, with 2,810,254 Namibian dollars (NAD) involved in 2 cases.
  • This is followed closely by drug dealings, which accounted for NAD 5,174,796 and 7 cases.

Money Laundering and Fraud Also a Concern

  • Money laundering was another significant concern, with 3,914,836 NAD involved in 3 cases.
  • Fraud also made an appearance, with 444,808,097 NAD involved in 17 cases.

Illegal Activities on the Rise

  • The report highlights the growing threat of illegal activities, including:
    • Dealing in illegal wildlife products (NAD 2,400,000 and 3 cases)
    • Illicit tobacco products (NAD 1,120 and 1 case)
    • Tax-related offences

Banks Lead the Way in Reporting

  • Interestingly, banks led the way in reporting suspicious transactions to the FIC.
  • A total of 139 reports were received from the banking sector, accounting for 98% of all reports.

A Look at Proprietary Limited Companies (PTY Ltd)

  • The report takes a closer look at Proprietary Limited Companies (PTY Ltd), with one company being locally owned and the rest having foreign beneficiaries.
  • The majority of these companies are Namibian-owned, with 61% having local directors or beneficiaries.
  • The chart below shows an increase in the volume of potential tax-related offence reports reaching the FIC and being escalated to relevant authorities.
  • From 2012 to 2021, a total of 141 STRs were received, with 139 of those coming from the banking sector.

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In conclusion, the report highlights the need for continued vigilance and cooperation among reporting institutions, law enforcement agencies, and the public to combat ML/TF activities and prevent financial crime.