Financial Crime World

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NAMIBIA TAKES STEP TO COMBAT FINANCIAL CRIMES AS EU PROVIDES TECHNICAL ASSISTANCE

Windhoek, Namibia - July 2024

The European Union has launched a tailor-made training workshop for Namibia’s officials in charge of financial intelligence analysis, investigations and prosecution of money laundering and terrorist financing as well as tracing and recovery of proceeds of crime. The training is being held from July 8-12, 2024, at the behest of the Financial Intelligence Centre (FIC) and the EU-funded AML-CFT ESCAY Project.

Background

Namibia was placed on the grey list by the Financial Action Task Force (FATF) in February this year following a Mutual Evaluation Report that identified shortcomings in the country’s compliance with international Anti-Money laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) standards.

EU Technical Assistance

The EU Delegation to Namibia, in collaboration with the FIC, has organized the training workshop to build the capacity of attending officials to enable Namibia to sufficiently implement the necessary actions identified in the FATF action plan and enhance its compliance with relevant international and FATF Standards. The ultimate goal is for Namibia to exit the grey list within the shortest time possible.

Quotes from Key Officials

  • “The European Union was committed to supporting Namibia in its efforts against illicit financial flows and strengthening its framework in fighting money laundering and organized crime.” - H.E. Ana Beatriz Martins, EU Ambassador to Namibia
  • “We must use all tools available in our criminal justice arsenal to identify proceeds of financial crimes and intervene on these proceeds so that we demonstrate that Crime does not pay.” - Bryan Eiseb, Director of the FIC

Training Workshop Participants

The training workshop is being attended by over 30 participants drawn from various state agencies, including:

  • Namibia Police force
  • Anti-Corruption Commission
  • Office of the Prosecutor General
  • Namibia Financial Institutions Supervisory Authority (Namfisa)
  • Bank of Namibia among others.

Conclusion

The EU’s technical assistance is a crucial step in helping Namibia to strengthen its framework against financial crimes and eventually exit the grey list. The training workshop is a collaborative effort between the EU, FIC, and various state agencies to build capacity and implement necessary actions identified in the FATF action plan.