Financial Crime World

Namibia’s Financial Intelligence Centre: The Frontline Against Money Laundering and Terrorism Financing

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The Financial Intelligence Centre (FIC) is a vital institution in Namibia, tasked with combating money laundering, financing of terrorism and proliferation, as well as other financial crimes within the country. Established by the Financial Intelligence Act, 2012 (Act No 13 of 2012), the FIC’s primary objective is to protect the integrity and stability of the Namibian financial system.

Mission and Objectives

As an administrative financial intelligence unit, the FIC collects information from persons and businesses, analyzes it, and disseminates it to law enforcement agencies such as the Namibian Police Force (NAMPOL) and the Anti-Corruption Commission (ACC) for investigation. Although the FIC does not have investigation powers, it plays a crucial role in assisting law enforcement agencies by providing them with necessary information to conduct their investigations.

Efforts Against Money Laundering and Terrorist Financing

The FIC’s efforts are aimed at preventing and detecting money laundering and terrorist financing activities within Namibia’s borders. To achieve this, the institution:

  • Monitors and supervises businesses that are vulnerable to these activities
  • Ensures they implement anti-money laundering and countering the financing of terrorism controls as required by law

Staying Ahead of Financial Criminals

In a bid to stay ahead of financial criminals, the FIC regularly publishes circulars, guidelines, and other documentation to keep stakeholders informed about trends, typologies, and best practices in combating money laundering and terrorist financing. The institution also collaborates with international organizations such as:

  • Egmont Group
  • International Money Laundering Network
  • Financial Action Task Force (FATF)

to share intelligence and expertise.

Importance of the FIC’s Work

The FIC’s work is crucial in maintaining a stable and secure financial system in Namibia. Its efforts have earned recognition from regional and global authorities, and as the country continues to develop its financial sector, the FIC remains committed to playing its part in keeping it safe from the threats of money laundering and terrorist financing.