Financial Crime World

Namibia Takes Proactive Steps to Align Legislation with Global Anti-Money Laundering Standards

Namibian authorities have made notable progress in enhancing the country’s legal framework against financial crimes following the approval of 11 Amendments and two new Bills by the Cabinet. Zenobia Barry, Acting Director of Namibia’s Financial Intelligence Center (FIC), made this announcement in a statement on Friday.

Addressing Findings from Mutual Evaluation Report

Barry emphasized that these legislative changes will help Namibia tackle findings from a mutual evaluation report by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) in 2022. Effective implementation of these amendments and new Bills is essential to mitigate the risk of a targeted review or greylisting by the Financial Action Task Force (FATF).

Key Laws to be Amended

The proposed legislative adjustments involve amendments to essential laws like:

  • Financial Intelligence Act (2012)
  • Prevention and Combating of Organised Crime Act (2004)
  • Prevention and Combating of Terrorist and Proliferation Activities Act (2014)
  • Criminal Procedure Act (1977)
  • Police Act (1990)
  • Extradition Act (1996)

Additionally, new bills such as the Virtual Assets and Initial Token Offering Services Bill have been initiated.

Implementation of National Action Plan

The FIC Acting Director revealed that the AML/CFT/CPF Council, chaired by Bank of Namibia Governor Johannes Gawaxab, Minister of Finance and Public Enterprises, and Namibia’s Prime Minister, will oversee the implementation of the National Action Plan. Public and private entities within the financial integrity ecosystem are expected to report on their progress regularly.

Prioritizing Relevant Laws in Upcoming Parliamentary Sessions

Barry stated that the relevant laws would receive priority in the upcoming parliamentary sessions to ensure Namibia meets its international obligations. These measures underscore Namibian government’s dedication to cultivating a well-regulated financial sector and confronting the evolving challenges of money laundering, terrorist financing, and proliferation financing.