Financial Crime World

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Namibia’s Compliance with International Regulations on Financial Crimes

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The Namibian Financial Intelligence Centre (FIC) has released a report detailing the country’s compliance with international regulations related to financial crimes, particularly those involving terrorism financing (TF), proliferation financing (PF), and environmental crimes.

Terrorism Financing (TF) and Proliferation Financing (PF)

Key Points

  • There have been no incidents of notable engagements between Namibia and the United Nations Security Council (UNSC) related to TF or PF during the review period.
  • The country’s risk assessment suggests that the potential for advancing PF activities is non-existent, but potential threats may still exist.

Environmental Crimes

Types of Environmental Crimes

  • Forestry Crimes
  • Wildlife poaching and trafficking
  • IUU fishing activities
  • Illegal underground extracting activities
  • Illegal hazardous waste dumping and trafficking

National ML Risk Assessment

  • The national ML risk emanating from environmental crimes is rated Medium High.
  • Financial flows associated with environmental crimes in Namibia are minimal, primarily limited to funds used for paying poachers and other low-end participants in the illicit value chains.

Risk Assessment

The overall risk assessment outcomes are presented in Figure 8, which shows the consideration of each category of environmental crime. Vulnerabilities are considered, but the risk consideration is influenced by the occurrence and impact of each category of crime.

Statistics and Observations

  • Between 2006 and 2010, the UNSC passed five resolutions imposing sanctions on Iran in response to its refusal to suspend uranium enrichment.
  • Australia implements UN sanctions by incorporating them into Australian law.
  • MOP was operating in Namibia for many years, primarily servicing Government construction contracts in the Ministry of Defence. The UN opined that MOP was operating as a front or for the benefit of the designated entity (KOMID).
  • In June 2016, the Namibian Government terminated all relationships with KOMID and MOP.

If you would like me to extract any specific information from this report, please let me know.