Financial Crime World

Namibia Calls for Reporting of Suspicious Transactions

The Financial Intelligence Centre (FIC) in Namibia has issued a call to action to all financial institutions, businesses, and individuals to report any suspicious transactions that may be linked to money laundering or terrorist financing.

What is the Purpose of Reporting Suspicious Transactions?

Reporting suspicious transactions is a critical step in identifying and disrupting money laundering and terrorist financing schemes. By reporting unusual transactions, financial institutions, businesses, and individuals can help maintain the integrity of Namibia’s financial system and prevent illicit activities.

Who Must Report Suspicious Transactions?

  • Financial institutions
  • Businesses
  • Individuals

What Information is Required to Make a Report?

To make a report, you will need to provide as much information as possible about the transaction. This includes:

Details of the Person or Entity Submitting the Report:

  • Name
  • Registration number
  • Contact information

Particulars of the Transaction:

  • Date
  • Type of transaction
  • Amount involved
  • Name and address of the business representative conducting the transaction

Destination of Funds:

  • Account number
  • Branch office
  • Currency
  • If the destination is an individual, their personal details are required, including:
    • Name
    • Date of birth
    • Contact information

What Are the Consequences of Failure to Report Suspicious Transactions?

Failure to report suspicious transactions can result in severe penalties, including fines and imprisonment.

How Can Reports be Made?

Reports can be made anonymously or non-anonymously by contacting the FIC’s hotline number:

+264 61 2081111

Experts say that the FIC’s efforts are crucial in maintaining the integrity of Namibia’s financial system and preventing illicit activities. “Reporting suspicious transactions is a critical step in identifying and disrupting money laundering and terrorist financing schemes,” said a local expert.

Conclusion

The FIC encourages all individuals and businesses to familiarize themselves with the requirements for reporting suspicious transactions and to take this responsibility seriously. By working together, we can maintain the integrity of Namibia’s financial system and prevent illicit activities.