Namibia’s AML & Inspections Department Cracks Down on Financial Crimes

The Anti-Money Laundering (AML) & Inspections department of Namibia is working diligently to strengthen its fight against money laundering, financing of terrorism and proliferation activities, as well as other financial crimes within the country’s borders. The department’s mission is to ensure the integrity and stability of Namibia’s financial system.

Mandate and Responsibilities

As part of its mandate, the AML & Inspections department is responsible for:

• Supervising, monitoring, and enforcing compliance with various acts and instruments, including:
  • Financial Intelligence Act of 2012
  • Prevention and Combating of Terrorist and Proliferation Activities Act of 2014
• Collaborating closely with the Financial Intelligence Centre to identify and combat financial crimes using a risk-based approach

Efforts to Combat Financial Crimes

The department’s efforts are focused on:

• Protecting Namibia’s financial system from illegal activities
• Ensuring that all accountable and reporting institutions under its supervision comply with relevant regulations
• Conducting targeted inspections into non-bank financial institutions’ affairs whenever necessary

Dual Role of the AML & Inspections Department

The department plays a crucial dual role in maintaining a robust and effective regulatory framework, enabling it to:

• Effectively detect and prevent financial crimes that could potentially destabilize the economy
• Ensure compliance with regulations and maintain a safe and stable financial hub

Conclusion

With its focus on both compliance and inspection, the AML & Inspections department is poised to make a significant impact in combating financial malpractices and ensuring Namibia remains a safe and stable financial hub.