Financial Crime World

Namibia Takes Significant Steps in Combatting Money Laundering and Terrorist Financing

Windhoek, Namibia - In a major effort to combat money laundering and terrorist financing, the government of Namibia has made significant strides in establishing a dedicated national task force and allocating resources for effective implementation.

Establishing a National Task Force

According to a report, the Financial Intelligence Act of 2007 led to the establishment of the Anti-Money Laundering Advisory Council (AMLAC), which brings together key stakeholders from various ministries and agencies. The AMLAC is responsible for coordinating Namibia’s anti-money laundering and combating the financing of terrorism (AML/CFT) strategy.

The council, chaired by the Governor of the Bank of Namibia, comprises representatives from:

  • Anti-Corruption Commission
  • Ministry of Justice
  • Namibian Police
  • Namibia Central Intelligence Service
  • Ministry of Finance
  • Ministry of Trade and Industry
  • Namibia Financial Supervisory Authority
  • Banker’s Association of Namibia

Effective Training and Capacity Building

In addition to establishing the AMLAC, the Bank of Namibia has also conducted training for:

  • Financial institutions
  • Regulatory bodies
  • The public on the dangers of money laundering and terrorist financing

The bank has also rolled out a public awareness campaign to educate the public on the risks associated with these crimes.

However, there is still more work to be done in this area, as the government needs to devise training programs for:

  • Law enforcement agencies
  • Judiciary on AML/CFT matters

Additionally, sufficient financial resources need to be allocated to support the implementation of the AML/CFT strategy.

Resource Allocation

Government has formally allocated a budget to the Bank of Namibia for its Financial Intelligence Centre operations. However, there is still a need to ensure that sufficient resources are provided by government to enable effective enforcement of AML/CFT laws and regulations.

  • High-level professional and non-professional staff need to be allocated to support the successful investigation and prosecution of money laundering and terrorist financing offenses
  • A costing analysis needs to be prepared to inform government on the resources required for implementing the AML/CFT program

Overall, Namibia’s efforts to combat money laundering and terrorist financing are commendable, but there is still more work to be done to ensure effective implementation of its AML/CFT strategy.