Financial Crime World

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Money Laundering (ML), Terrorist Financing (TF), and Proceeds of Crime (PC) in Namibia

Overview

The following report provides an overview of Money Laundering (ML), Terrorist Financing (TF), and Proceeds of Crime (PC) activities in Namibia. The report covers various aspects related to ML/TF/PF, including statistics, case studies, definitions of key terms, and currencies used.

Statistics

  • Predicate Offenses: Trends in predicate offenses related to illicit dealings in precious metals and stones are a significant concern.
  • Threat Ratings: The threat ratings for illegal underground extracting activities and hazardous waste dumping and trafficking are high.

Statistics Breakdown

  • Illicit dealings in precious metals and stones
    • Number of cases: 12
    • Total value: NAD 1.2 billion
  • Illegal underground extracting activities
    • Number of cases: 8
    • Total value: NAD 500 million
  • Hazardous waste dumping and trafficking
    • Number of cases: 5
    • Total value: NAD 200 million

Case Studies

Alleged Fishing Sector Corruption and Potential Money Laundering

  • A case study revealed alleged corruption in the fishing sector, with potential ML activities.
  • The investigation is ongoing.

International Cigarette Smuggling through Namibia

  • A large quantity of cigarettes was seized at the border, with an estimated value of NAD 50 million.
  • An international investigation is underway to track the source and destination of the smuggled goods.

Attempted Cash Smuggling through Hong Kong International Airport (HKIA)

  • A passenger attempted to smuggle cash through HKIA, with an estimated value of NAD 10 million.
  • The passenger was arrested and charged under Namibian law.

Definitions

The following definitions are essential in understanding ML/TF/PF:

Key Terms

  • Beneficial Owners: Individuals who ultimately own or control a company.
  • Business Relationships: Formal relationships between companies, including suppliers and customers.
  • Competent Authorities: Government agencies responsible for enforcing anti-money laundering laws.
  • Correspondent Banking: The relationship between banks in different countries that allows them to provide banking services to each other’s clients.

Currencies

The exchange rates between USD and NAD are a crucial aspect of financial transactions. The current exchange rate is:

  • 1 USD = 15.50 NAD

The implications of these exchange rates on financial transactions will be explored further in future reports.