Financial Crime World

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Financial Crime Reporting Guidelines in Namibia Strengthened to Combat Money Laundering and Terrorist Financing

Namibia has introduced new guidelines for reporting financial crimes, aimed at enhancing the country’s ability to combat money laundering and terrorist financing. The Financial Intelligence Centre (FIC) has issued a circular outlining the revised reporting requirements for various entities, including banks, casinos, and other financial institutions.

Revised Reporting Requirements

The FIC is responsible for receiving, analyzing, and disseminating financial intelligence related to suspicious transactions and activities. Under the new guidelines, financial institutions are required to report on a wider range of transactions, including those involving:

  • Cash transactions exceeding N$25,000 or equivalent value
  • Transactions that appear to be linked to criminal activity, such as fraud, corruption, or other serious crimes

Enhanced Due Diligence

The guidelines also require financial institutions to conduct enhanced due diligence on customers suspected of being involved in money laundering or terrorist financing. This includes:

  • Verifying the identity and background of such customers
  • Monitoring their transactions for suspicious activity

Reporting Suspicious Transactions

Under the revised guidelines, financial institutions are required to report any transaction that appears to be linked to a criminal activity.

Expert Opinion

The new guidelines have been welcomed by anti-money laundering experts, who say they will help Namibia to better combat the threat of money laundering and terrorist financing. “These revised guidelines are an important step forward in the fight against financial crime,” said [Name], a leading expert on anti-money laundering. “They will help Namibia to identify and disrupt the activities of criminals, and prevent the misuse of its financial system.”

Contact Information

The FIC has urged all financial institutions to familiarize themselves with the new guidelines and to report any suspicious transactions or activities immediately.

Contact the Centre:

  • General enquires: +264 61 283 5287
  • STR/SAR reporting: +264 61 283 5316 or +264 61 283 5179
  • Compliance enquiries and FIA registration confirmation letters: +264 61 283 5000 or +264 61 283 5043 or +264 61 283 5324
  • Email: helpdesk@fic.na