Financial Crime World

Centre for the Prevention of Money Laundering and Combating the Financing of Terrorism and Proliferation

Minister Appoints Director, Outlines Responsibilities

Windhoek - In a move aimed at strengthening the fight against money laundering and terrorism financing, the Minister of [Ministry] has appointed a Director to head the Centre for the Prevention of Money Laundering and Combating the Financing of Terrorism and Proliferation.

Director’s Responsibilities

  • Ensure the effective performance of the Centre’s functions
  • Implement and administer applicable provisions of the Act
  • Report administratively to the Governor and functionally to the Council
  • Manage staff, resources, and administration of the Centre
  • Disseminate intelligence involving suspected proceeds of crime, money laundering, terrorist property, or financing of terrorism or proliferation to competent authorities and foreign agencies with similar powers and duties

Appointment Process

The Minister appointed [Name] as the new Director of the Centre after consultation with the Council. The appointment is subject to a security screening investigation by the National Intelligence Agency (NIA) to ensure that the individual does not pose a security risk or act in any way prejudicial to the objects of the Act or the functions of the Centre.

Centre’s Authority

The Centre has been granted the authority to:

  • Appoint staff members to assist the Director in performing its functions
  • Utilize funds available from annual appropriations by Parliament, Government grants, money made available from the Fund, and any other legally acquired money
  • Accept financial donations or contributions from other sources with the approval of the Minister

Key Role in Combating Money Laundering and Terrorism Financing

The appointment of the Director and the establishment of the Centre are seen as crucial steps in Namibia’s efforts to combat money laundering and terrorism financing. The Centre is expected to play a key role in:

  • Promoting international cooperation
  • Sharing intelligence
  • Providing technical assistance to law enforcement agencies and financial institutions