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Namibia’s Progress on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

Namibia has been working to implement effective measures to combat money laundering and terrorist financing. A recent report highlights the country’s progress in this area, as well as areas where further improvement is needed.

Ensuring Effective Training on AML/CFT

The Bank of Namibia plays a crucial role in conducting training for financial institutions, regulatory bodies, and the public on anti-money laundering and combating the financing of terrorism measures. However, there are still gaps that need to be addressed:

Developing Training Programs for Law Enforcement Agencies

• Further actions are required to develop training programs for law enforcement agencies, including:
  • The police
  • The prosecutor-general
  • The Anti-Corruption Commission (ACC)
• Allocate necessary financial resources for these training programs.

Ensuring Effective Allocation of Sufficient Resources

The government has allocated a budget to the Bank of Namibia for its Financial Intelligence Centre operations. However, there are still areas where further improvement is needed:

Providing Sufficient Funding and Staffing

• Provide sufficient capital and recurrent funding to enforce AML/CFT laws.
• Recruit high-level professional and non-professional staff to investigate and prosecute money laundering and terrorist financing offenses.
• Prepare a costing analysis to inform the government on resources needed for implementing the AML/CFT program.

Conclusion

While Namibia has made progress in implementing anti-money laundering and combating the financing of terrorism measures, there are still gaps that need to be addressed. Addressing these gaps will ensure effective implementation of these regulations and help prevent money laundering and terrorist financing activities in the country.