Financial Crime World

Here is the rewritten article in Markdown format:

Namibia’s Efforts to Combat Money Laundering, Terror Financing, and Proliferation through Virtual Assets

Namibia has acceded to the Financial Action Task Force (FATF) Convention on Combating the Financing of Terrorism (CFT) and its implementing legislation, requiring the country to implement obligations specified in the convention.

What are Virtual Assets?

A virtual asset is a cryptographic or digital representation of value that can be used for payment or investment purposes. While it does not meet the criteria for consideration as a fiat currency in Namibia, it can be readily exchanged for funds, goods, or other virtual assets among parties who choose to do so.

What are Virtual Asset Service Providers (VASPs)?

A VASP is any natural or legal person who, as a business, conducts one or more of the following activities or operations for, or on behalf of another natural or legal person:

  • Exchange between virtual assets and fiat currencies
  • Transfer of virtual assets
  • Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets
  • Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset

How does the Financial Intelligence Centre (FIC) Regulate VASPs?

The FIC issued a directive and guidance on VASPs, requiring them to implement anti-money laundering, combating the financing of terrorism, and proliferation (AML/CFT/CPF) measures. The FIC coordinates Namibia’s AML/CFT/CPF framework, working with relevant stakeholders such as:

  • Regulatory and supervisory bodies
  • Private sector
  • Law enforcement authorities
  • Office of the Prosecutor General

Forms of Corruption

Corruption can take various forms, including:

  • Bribery
  • Kickbacks
  • Illegal gratuities
  • Collusion

The FIC plays a crucial role in identifying proceeds of predicate offences to money laundering, terror financing, and proliferation, which includes corruption.

FIC’s Role in Fighting Corruption

The FIC receives and analyzes data, which is used to identify proceeds of predicate offences to ML/TF/PF. Corruption is a predicate offence. The outcomes of the FIC’s analytical work are availed to competent authorities, including:

  • Anti-Corruption Commission (ACC)
  • In the form of intelligence disclosures
  • Used in investigations, prosecutions, and asset forfeiture activities relating to ML/TF/PF

Accountable Institutions and STRs

In terms of the Financial Intelligence Act, accountable institutions are not allowed to share suspicious transaction report (STR) information, even with their financial group. Copies of documents obtained by accountable institutions must be certified.

Certified Identification Information

Yes, accountable and reporting institutions have to obtain certified copies of identification information from their clients. The document must be:

  • The original or a copy certified by a commissioner of oaths or public notary
  • Or a copy verified by an authorized person who has viewed the original document