Namibia’s Financial Intelligence Unit Plays Crucial Role in Combating Money Laundering and Terrorism Financing
The Financial Intelligence Centre (FIC) of Namibia is responsible for combatting money laundering, terrorist financing, and proliferation financing within the country. As a government agency mandated to prevent these financial crimes, the FIC plays a vital role in protecting the integrity of Namibia’s financial system.
Mission Statement
According to its mission statement, the FIC aims to react promptly, effectively, and efficiently to the challenges posed by national and international money launderers, terrorist financiers, and proliferation financiers. To achieve this, it works closely with:
- Accountable institutions
- Law enforcement agencies
- Foreign financial intelligence units
to ensure that Namibia’s anti-money laundering and combating of financing of terrorism and proliferation (AML/CFT/CFP) policy and legislative framework meet international standards.
Functions
The FIC’s functions include:
- Receiving and analyzing suspicious transaction reports and suspicious activity reports to identify potential criminal offenses
- Requesting information from accountable institutions, law enforcement agencies, and foreign financial intelligence units for analysis purposes
- Monitoring and supervising compliance with the Financial Intelligence Act by institutions listed on Schedule 1 and 3 of the Act
Primary Mandate
The FIC’s primary mandate is to protect the integrity and stability of Namibia’s financial system by:
- Monitoring and supervising anti-money laundering and financing of terrorism and proliferation controls required to be implemented by businesses vulnerable to these crimes
- Providing a strong legal basis for combating money laundering, terrorist financing, and proliferation financing activities within the country
By fulfilling this role, the FIC strives to provide a robust framework for combating financial crimes in Namibia.