Namibia’s Progress in Implementing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures

Objectives and Achievements

The Government of Namibia has made significant strides in implementing AML/CFT measures, with a focus on four key objectives.

1. Ensure Adequate Legislation and Regulations

• Achievements: Namibia has enacted relevant laws and regulations to combat money laundering and terrorist financing.
• Further Actions Required:
  • Review and revise legislation to ensure it is in line with international standards.

2. Establish an Effective National AML/CFT Strategy

• Achievement: The Anti-Money Laundering Advisory Council (AMLAC) was established to oversee the implementation of AML/CFT measures.
• Further Actions Required: None mentioned.

3. Ensure Effective Training on AML/CFT

• Achievements: The Bank of Namibia conducts training for financial institutions and regulatory bodies.
• Further Actions Required:
  • Develop training programs for law enforcement agencies, the Office of the Judge President, and other relevant entities.

4. Ensure Effective Allocation of Sufficient Resources

• Achievement: Government has allocated a budget to the Bank of Namibia for its Financial Intelligence Centre operations.
• Further Actions Required:
  • Provide sufficient resources for AML/CFT laws enforcement
  • Recruit staff
  • Prepare a costing analysis for implementing the AML/CFT program

Further Recommendations

Based on the assessment, the following recommendations are made to further improve Namibia’s AML/CFT regime:

• Review and revise legislation to ensure it is in line with international standards.
• Develop training programs for law enforcement agencies, the Office of the Judge President, and other relevant entities.
• Provide sufficient resources for AML/CFT laws enforcement, recruit staff, and prepare a costing analysis for implementing the AML/CFT program.