Financial Crime World

Namibia’s Financial Intelligence Centre Takes Aim at Corruption, Money Laundering and Terror Financing through Parts and Components of Ammunition

Strengthening the Country’s Anti-Money Laundering and Combating the Financing of Terrorism Framework

Windhoek, Namibia - In a bid to combat corruption, money laundering, and terror financing, Namibia’s Financial Intelligence Centre (FIC) has issued guidelines on the regulation of Virtual Asset Service Providers (VASPs). The move aims to strengthen the country’s anti-money laundering and combating the financing of terrorism framework.

What are Virtual Asset Service Providers?

  • VASPs are businesses that provide services such as exchange, safekeeping, and administration of virtual assets.
  • These include exchanges, agents, brokers, mixers, traders, virtual asset managers, and persons providing trade, clearance, and settlement services.

Definition of a Virtual Asset

  • A Virtual Asset (VA) is defined by the FIC as a cryptographic or digital representation of value that can be used for payment or investment purposes.
  • This includes cryptocurrencies such as Bitcoin.

Corruption: A Major Threat to Namibia’s Economy

  • Corruption is a major threat to Namibia’s economy, and the country’s Anti-Corruption Agency (ACC) is working closely with the FIC to combat this menace.
  • Corruption can take many forms, including bribery, kickbacks, illegal gratuities, and collusion.

The Financial Intelligence Centre’s Role in Fighting Corruption

  • The FIC plays a crucial role in fighting corruption by receiving and analyzing data on suspicious transactions.
  • This information is used to identify proceeds of predicate offences, including corruption, and sharing it with law enforcement agencies for investigations and prosecutions.

Confidentiality and Data Sharing

  • Accountable institutions are prohibited from sharing the contents of their Suspicious Transaction Reports (STRs) with anyone, not even with their financial group.
  • However, they must obtain certified copies of identification information from their clients.

The Importance of Collaboration

  • The FIC’s efforts to combat corruption, money laundering, and terror financing are crucial in maintaining Namibia’s economic stability and integrity.
  • The country’s law enforcement agencies and regulatory bodies must work together to ensure that these efforts are successful.

Contact

For more information on the FIC’s guidelines on regulating VASPs, contact:

  • Name: [Name]
  • Email: [Email]
  • Phone number: [Phone number]