Financial Sanctions and Embargoes Loom Over Namibia as Police Chief Announces Partnership with Interpol

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Namibia’s fight against financial crimes such as money laundering and terrorism financing has taken a significant step forward, following an agreement signed by law enforcement agencies yesterday. The partnership between the Anti-Corruption Commission (ACC), Financial Intelligence Centre (FIC) and Namibian Police will grant them access to Interpol’s database of suspected terrorists and money launderers.

Enhanced Capacity to Combat Financial Crimes

According to Police Chief Inspector General Joseph Shikongo, the data exchange is expected to enhance their capacity to combat these crimes, which are a major concern for the international community. The development comes as a response to reports that Namibia may face financial sanctions if it fails to bolster its efforts and legislation to counter money laundering and terrorist financing.

Current State of Namibian Legislation

Currently, 11 laws have been deemed insufficient to effectively combat these crimes, while two new laws need to be drafted and enacted for Namibia to avoid being grey-listed by the Financial Action Task Force (FATF). The grey list has had adverse effects on other countries, including Botswana, which saw a decline in its gross domestic product (GDP) growth.

Importance of Cooperation

The agreement was signed in the presence of Interpol’s executive committee delegate for Africa, Major General Nambili Naenda, who emphasized the importance of cooperation between law enforcement agencies. “The world has become a small village, calling for law-enforcement agencies to closely cooperate,” he said.

No Recorded Cases of Financing Terrorism

Despite deficiencies in Namibia’s legislation, Shikongo confirmed that there have been no recorded cases of financing terrorism in the country. However, the ACC is currently investigating a massive case of money laundering linked to the Fishrot fraud and corruption scandal.

Criticism from Stakeholders

The agreement has also received criticism from some stakeholders, with the Business Intellectual Property Authority (Bipa) accused of being too slow in providing data on money laundering and terrorist financing. Bipa CEO Vivienne Katjiuongua defended her organization, stating that legislation needs to be enacted before data can be shared.

Pressure to Demonstrate Effectiveness

Namibia is under pressure to demonstrate its effectiveness in combating financial crimes, with South Africa and Nigeria recently added to the grey list by the FATF. The country’s failure to comply with international standards may result in financial sanctions and embargoes.