Financial Crime World

Namibia Makes Progress in Combating Money Laundering and Terrorist Financing

Windhoek, Namibia - The Government of Namibia has taken significant steps to combat money laundering and terrorist financing through the establishment of a dedicated national task force and allocation of resources for its Financial Intelligence Centre.

Establishing a National Task Force

The Anti-Money Laundering Advisory Council (AMLAC), established in 2007, is responsible for coordinating the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) strategy. The council is made up of representatives from various ministries and agencies, including:

  • Bank of Namibia
  • Anti-Corruption Commission
  • Ministry of Justice
  • Namibian Police
  • Others

Key Achievements

According to a report released by the Government, AMLAC has been advising the Minister of Finance on policies and measures to combat money laundering activities, as well as making recommendations for legislation and policy enhancements in the area of AML/CFT. The council has also:

  • Coordinated the implementation of the National Strategy
  • Devised strategies for enhancing Namibia’s AML/CFT capacity

Ongoing Efforts

In addition, the Bank of Namibia has conducted training for staff from financial institutions, regulatory bodies, and other stakeholders on anti-money laundering and combating the financing of terrorism. A public awareness campaign has also been launched to educate the public about the dangers of money laundering and terrorist financing.

Areas for Improvement

Despite these achievements, there are still areas that require attention. The Government is urged to:

  • Allocate sufficient resources for the implementation of the AML/CFT programme
  • Recruit high-level professional and non-professional staff to investigate and prosecute money laundering and terrorist financing offenses
  • Prepare a costing analysis to inform the Government on the resources required to successfully implement the strategy

Recommendations

The report recommends that the Government:

  • Devise training programs for law enforcement agencies and the judiciary on anti-money laundering and combating the financing of terrorism
  • Allocate sufficient financial resources for the development of these training programs
  • Recruit high-level professional and non-professional staff to investigate and prosecute money laundering and terrorist financing offenses
  • Prepare a costing analysis of implementing the AML/CFT program for the first few years of implementation

By addressing these areas, Namibia can further strengthen its efforts to combat money laundering and terrorist financing, ensuring a safer and more secure financial system for its citizens.