Financial Intelligence Centre Briefs Public Accounts Committee on Roles and Responsibilities

The Financial Intelligence Centre (FIC), a financial intelligence unit under the Bank of Namibia, recently briefed the Parliamentary Standing Committee on Public Accounts on its roles and responsibilities. This meeting is part of a series of consultative sessions with stakeholders aimed at empowering the committee to conduct its oversight responsibility more effectively.

Key Roles and Responsibilities

The FIC plays a crucial role in combating money laundering, financing of terrorism and proliferation, and protecting the stability of Namibia’s financial system. Deputy Director for Investigations and Analysis, Gerrit Eiman, explained that the unit’s powers are limited to collecting and analyzing information for dissemination to law enforcement agencies for further investigation if such information raises suspicion.

Effectiveness in Combating Financial Crimes

Members of Parliament expressed concerns about the effectiveness of the agency given the proliferation of money laundering cases and perceived lack of convictions. In response, Eiman revealed that the centre has provided 435 disclosures on suspicious activities totaling N$13.8 billion. Statistics showed that the agency assisted with:

• 16 convictions involving money laundering cases in 2020
• 10 convictions in 2021
• 50 cases currently pending from last year
• 67 cases currently pending from this year

Efforts to Combat Financial Crimes

Eiman also highlighted the centre’s efforts to issue forewarning reports to alert institutions and individuals about common financial scams to avoid. The agency’s commitment to combating financial crimes was commended by committee members, who acknowledged its crucial role in protecting Namibia’s financial system.

Overall, the meeting aimed to enhance understanding of the FIC’s roles and responsibilities and empower the Public Accounts Committee to conduct effective oversight.