Financial Crime World

Financial Intelligence Centre (FIC) Report: Combating Money Laundering, Terrorist Financing, and Proliferation Financing in Namibia

The Financial Intelligence Centre (FIC) is pleased to present its annual report on the efforts made by the centre to combat money laundering, terrorist financing, and proliferation financing in Namibia.

Risk-Based Supervisory Activities

Sectors Under Review

  • Auctioneers
  • Casinos
  • Dealers in minerals
  • Legal practitioners
  • Motor vehicle dealers
  • Real estate agents
  • Non-profit organizations (NPOs)

The FIC conducts risk-based supervisory activities to identify and mitigate risks associated with these sectors.

Reporting Behaviour

Sectoral Analysis

The FIC has analyzed the reporting behaviour of various sectors, including auctioneers, casinos, and NPOs. The results show that some sectors have improved their reporting compliance, while others require further attention.

Sectoral Turnover/Revenue

Overview of Sectoral Turnover/Revenue

Table 31 provides an overview of the sectoral turnover/revenue for various industries in Namibia.

Environmental Crimes

The FIC has conducted risk-based supervisory activities to combat environmental crimes, including illegal wildlife trafficking and poaching. Table 50 provides an overview of the categories of environmental crimes identified.

Case Studies

Highlighting Efforts in Combating Illicit Activities

The report includes several case studies that highlight the centre’s efforts in combating money laundering, terrorist financing, and proliferation financing. These cases include:

  • Alleged fishing sector corruption
  • International cigarette smuggling
  • Attempted cash smuggling through Hong Kong International Airport (HKIA)

Currencies Used in the Report

Currency Exchange Rates

The Namibian Dollar (NAD) is widely used in this report. The exchange rates for NAD against the US Dollar (USD) are provided in Table 2.

Definition of Key Terms

Glossary of Key Terms

The FIC has included a glossary of key terms used in this report, including:

  • Beneficial owner
  • Business relationship
  • Competent authorities

Recommendations

Combating Money Laundering, Terrorist Financing, and Proliferation Financing

The FIC recommends that:

  • Financial institutions and designated non-financial businesses and professions (DNFBPs) should implement robust customer due diligence measures to identify and verify the beneficial ownership of customers.
  • The competent authorities should continue to provide guidance and support to financial institutions and DNFBPs in implementing AML/CFT/CPF requirements.
  • The centre should continue to conduct risk-based supervisory activities to identify and mitigate risks associated with various sectors.

Conclusion

By working together, we can prevent and combat money laundering, terrorist financing, and proliferation financing in Namibia.