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Financial Intelligence Unit Roles in Namibia Unveiled by Parliamentary Committee

Windhoek - The Public Accounts Committee of Parliament met with the Financial Intelligence Centre (FIC) yesterday to gain a deeper understanding of its role and responsibilities. This meeting was part of a series of consultative sessions with various stakeholders, aiming to equip the committee with the necessary knowledge to effectively conduct its oversight duties.

Role of the Financial Intelligence Centre

The FIC is a financial intelligence unit operating under the Bank of Namibia, tasked with combating:

• Money laundering
• Financing of terrorism
• Proliferation

to safeguard the stability of the Namibian financial system. According to Gerrit Eiman, Deputy Director for Investigations and Analysis at the agency, the unit’s primary function is to:

• Collect information
• Analyze information
• Disseminate information to law enforcement agencies for further investigation if suspicious activity is detected

Effectiveness in Combating Money Laundering

During the meeting, MPs raised concerns about the FIC’s effectiveness in combating money laundering, citing a perceived lack of convictions. Eiman responded by highlighting that:

• Since its inception, the agency has provided 435 disclosures on suspicious activities totaling N$13.8 billion
• Statistics show that the FIC assisted with:
  • 16 convictions in 2020
  • 10 convictions in 2021 involving money laundering cases
• A further 50 cases are currently pending from 2020, while 67 cases are awaiting resolution from 2021

Prevention and Awareness

The agency also continues to issue forewarning reports alerting institutions and individuals about common financial scams to avoid. Eiman noted that these reports aim to educate the public on how to protect themselves from financial fraud.

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