Namibia Urged to Strengthen Financial Investigation and Prosecution Capabilities
Windhoek, Namibia - The government of Namibia has been called upon to take further steps in establishing a robust framework for financial investigations and prosecutions.
Complex Financial Crimes and Recommendations
The country continues to grapple with complex financial crimes, money laundering, and terrorist financing. According to the latest report from the Financial Action Task Force (FATF), Namibia needs to:
- Establish supervisory bodies for accountable institutions without such oversight
- Provide regulatory powers to administrative supervisory bodies
- Develop a comprehensive framework for multi-disciplinary task forces
The report also recommends that the government adopt legislative instruments to create regulatory bodies for accountable institutions without such bodies and provide regulatory powers to supervisory bodies. Additionally, inter-agency memoranda of understanding are needed to ensure effective handling of complex financial investigations crossing agency boundaries.
AMLAC Takes Lead in Coordinating National Strategy
In a positive development, Namibia has established the Anti-Money Laundering Advisory Council (AMLAC), which coordinates the national AML/CFT strategy and facilitates liaison between ministries and agencies with responsibilities in this area. The council has representation from various stakeholders, including:
- Bank of Namibia
- Anti-Corruption Commission
- Ministry of Justice
- Others
The AMLAC’s key functions include:
- Advising the Minister of Finance on policies and measures to combat money laundering activities
- Making recommendations for legislation and policy enhancements
- Coordinating the implementation of the national strategy
- Devising strategies for enhancing Namibia’s AML/CFT capacity
Training and Capacity Building Needed
The Bank of Namibia has conducted training programs for staff of financial institutions, regulatory bodies, and others. However, further action is required to:
- Devise training programs and conduct AML/CFT training for law enforcement agencies, the Office of the Judge President, and Magistrate’s Commission
- Allocate sufficient resources by government to ensure effective investigation and prosecution of complex financial crimes
This includes providing high-level professional and non-professional staff, as well as preparing a costing analysis of implementing the AML/CFT program.
Call for Action
The Namibian government is urged to take immediate action to address these gaps in its AML/CFT framework. Strengthening financial investigation and prosecution capabilities will not only enhance national security but also demonstrate the country’s commitment to combating global threats such as money laundering and terrorist financing.