Namibia Takes a Stand Against Money Laundering: Reporting Suspicious Transactions

As part of efforts to combat money laundering and prevent the financing of terrorism, Namibia has implemented strict measures to ensure that financial institutions and businesses report suspicious transactions.

What Constitutes Suspicious Activity?

The Financial Intelligence Centre (FIC) defines a suspicious transaction as one that raises questions or gives rise to discomfort, apprehension or mistrust. This can involve several factors that may seem insignificant on their own but when taken together, raise suspicion about the activity in question. The context in which an activity arises is a significant factor in assessing suspicion, and this can vary from business to business and from one customer to another.

Who Must Report Suspicious Transactions?

According to the Financial Intelligence Act, No. 13 of 2012, the following individuals and organizations are required to report suspicious transactions:

• Individuals who carry on any business
• Managers or employees of a business
• Directors or secretaries of a company
• Contractors who work with a business

Why Report Suspicious Transactions?

Each and every business has a responsibility to fight against crime by filing reports to the Financial Intelligence Centre. These reports assist the FIC in identifying and preventing money laundering and terrorist financing activities, ultimately leading to a safer business operating environment.

How to Report Suspicious Transactions

Reports can be made through the internet-based reporting system available on the FIC’s website at www.fic.na/goAML. In exceptional cases where electronic reporting is not possible, forms can be completed and sent by facsimile or hand-delivered to the Centre.

Confidentiality of Reports

The identity of individuals who provide information as well as the information itself are confidential and will not be disclosed unless it is necessary to assist the Financial Intelligence Center.