Financial Crime World

Namibia Makes Strides in Combating Money Laundering and Terrorist Financing

Introduction

Windhoek, Namibia - The government of Namibia has made significant strides in combating money laundering and terrorist financing, according to a recent report.

Establishment of the Anti-Money Laundering Advisory Council (AMLAC)

The AMLAC is a dedicated national task force responsible for coordinating the national anti-money laundering and combating the financing of terrorism (AML/CFT) strategy. The council was established in 2007 and is comprised of representatives from various ministries, agencies, and institutions, including:

  • Bank of Namibia
  • Anti-Corruption Commission
  • Ministry of Justice
  • Namibian Police
  • And others

Functions of AMLAC

The primary functions of AMLAC include:

  • Advising the Minister of Finance on policies and measures to combat money laundering activities
  • Making recommendations for legislation and policy enhancements
  • Coordinating the implementation of the national strategy
  • Enhancing Namibia’s AML/CFT capacity

Progress Made

In addition, the Bank of Namibia has established a Financial Intelligence Centre that conducts training for staff from financial institutions, regulatory bodies, and law enforcement agencies. The centre has also launched a public awareness campaign to educate the public about the dangers of money laundering and terrorist financing.

Areas Requiring Attention

Despite these achievements, there are still areas that require attention:

  • Allocating sufficient resources to ensure the effective implementation of AML/CFT laws and regulations
  • Recruiting high-level professional and non-professional staff
  • Preparing a costing analysis for implementing the AML/CFT programme
  • Developing training programs and conducting AML/CFT training for law enforcement agencies, the Office of the Judge President, and Magistrate’s Commission
  • Providing sufficient financial resources to support these efforts

Conclusion

The report concludes that while progress has been made, there is still much work to be done to ensure the effective implementation of Namibia’s AML/CFT strategy.