Financial Crime World

Centre for Combating Money Laundering and Terrorism Financing: A New Era in Anti-Corruption Efforts

Windhoek - The Centre for Combating Money Laundering and Terrorism Financing, a new institution aimed at promoting financial integrity and preventing illegal activities, has been established under the auspices of the Namibian government.

Structure and Responsibilities

The Centre is headed by a Director who will be responsible for overseeing the day-to-day operations of the centre. The Director will also be accountable to the Governor and the Council, which provides strategic guidance and oversight to the centre.

Powers and Authority

  • Engage in any lawful activity aimed at promoting its objects
  • Collaborate with other organizations locally and internationally
  • Appoint staff members and second personnel from other government agencies or institutions
  • Carry out investigations and gather intelligence on suspected proceeds of crime, money laundering, terrorist property or financing of terrorism

Security and Accountability

To ensure the effectiveness and efficiency of the Centre, the legislation has made provision for:

Security Screening Investigation

  • The Director will undergo a security screening investigation before taking up office
  • The Director may be subjected to further investigations at any time

Removal from Office

  • The Minister can remove the Director from office on grounds of misconduct, incapacity or incompetence
  • A recommendation by the Council is required before removal

Objectives and Responsibilities

The Centre’s responsibilities include:

Implementing and Administering Anti-Money Laundering and Combating the Financing of Terrorism Act

  • Reporting to the Governor and the Council
  • Disseminating intelligence on suspected proceeds of crime, money laundering, terrorist property or financing of terrorism to competent authorities and foreign agencies

Key Provisions of the Centre’s Enabling Legislation

Term of Office

  • The Director will hold office for a term of five years, which can be renewed

Security Screening Investigation

  • The Director must undergo a security screening investigation before taking up office
  • May be subjected to further investigations at any time

Removal from Office

  • The Minister has the power to remove the Director from office on grounds of misconduct, incapacity or incompetence

Authority to Appoint Staff and Second Personnel

  • The Centre has the authority to appoint staff members and second personnel from other government agencies or institutions

Utilization of Funds

  • The centre must utilize funds available from various sources, including annual appropriations, government grants, money from the Fund and other legally acquired monies

Next Steps

The establishment of the Centre for Combating Money Laundering and Terrorism Financing is expected to be a major milestone in Namibia’s efforts to combat financial crime. As the centre begins its operations, it is expected to work closely with other government agencies, institutions and stakeholders to ensure that its objectives are achieved effectively and efficiently.

This new institution demonstrates the government’s commitment to creating an environment that is conducive to investment, trade and economic growth, while also ensuring that the country complies with its international obligations.