Regulatory Bodies in Namibia Step Up Efforts to Combat Financial Crimes

Namibia’s regulatory bodies are taking a proactive approach to protect the integrity and stability of the country’s financial system by combating money laundering, terrorist financing, and other financial crimes.

The Anti-Money Laundering (AML) & Inspections Department

The AML & Inspections department, a unit of NAMFISA, is at the forefront of this fight. According to sources within the department, its mandate includes:

• Supervising, monitoring, and enforcing compliance with key pieces of legislation:
  • The Financial Intelligence Act 2012
  • The Prevention and Combating of Terrorist and Proliferation Activities Act 2014
• Focusing on high-risk areas and all accountable and reporting institutions supervised by NAMFISA

Collaboration with the Financial Intelligence Centre

The department has been working closely with the Financial Intelligence Centre to root out financial crimes within Namibia’s borders. Using a risk-based approach, officials are targeting:

• Suspicious transactions
• Entities believed to be involved in illegal activities

Targeted Inspections of Non-Bank Financial Institutions

In addition to its AML/CTF efforts, the department is also responsible for conducting targeted inspections into non-bank financial institutions when necessary. This proactive approach aims to:

• Identify potential vulnerabilities
• Prevent financial crimes from taking hold

Commitment to a Safer and More Stable Financial Environment

With the country’s financial system under increased scrutiny, NAMFISA’s AML & Inspections department is committed to staying one step ahead of criminals. By intensifying its efforts to combat money laundering, terrorist financing, and other financial crimes, Namibia can ensure a safer and more stable financial environment for all stakeholders.