Financial Crime World

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Suspicious Transaction Reporting in Namibia: A Growing Concern

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In an effort to combat financial crimes and money laundering, the Financial Intelligence Centre (FIC) of Namibia has introduced a system for reporting suspicious transactions. This initiative makes it mandatory for individuals and entities to report any unusual or suspect activities that may indicate financial crimes.

What is a Suspicious Activity Report (SAR)?

A SAR is a confidential document submitted to the FIC by individuals or entities that have identified potential money laundering or terrorist financing activity. The report provides detailed information about the suspected transaction, including:

  • Parties involved
  • Goods or services exchanged

How to Submit a SAR

Individuals and entities can submit a SAR to the FIC by completing a comprehensive form, which is available on the centre’s website. The form requires accurate and detailed information about the suspicious activity, including:

Required Information

  • Particulars of the person/entity submitting the report
  • Description of the suspicious activity/attempted transaction
  • Action taken after suspicion was formed
  • Report indicators (such as money laundering or terrorist financing)
  • Particulars of persons being reported as parties to the activity/transaction
  • Account information involved in the activity/transaction

Consequences of Non-Compliance

Failure to submit a SAR, or submitting false or misleading information, is considered an offence under the Financial Intelligence Act. Individuals and entities found guilty may face severe penalties, including fines and imprisonment.

Call for Vigilance

The FIC has urged individuals and entities to remain vigilant and report any suspicious transactions that may indicate financial crimes. By working together, the centre believes that it can effectively combat money laundering and terrorist financing in Namibia.

Contact Information

For further information or assistance with submitting a SAR, contact the FIC Helpdesk at: