Financial Crime World

Namibia Urged to Enhance Financial Investigations and Prosecutions

Strengthening Financial Investigations and Prosecutions

A recent report has advised Namibia to take further actions to strengthen its financial investigations and prosecutions, particularly in relation to money laundering and terrorist financing.

Recommendations for Improvement

  • Establish supervisory bodies for accountable institutions that do not have them
  • Provide regulatory powers to administrative bodies
  • Develop the capacity of supervisory bodies responsible for overseeing financial institutions, non-bank financial institutions, and designated non-financial businesses and professions
  • Adopt legislative instruments to create regulatory bodies and provide powers to those supervisory bodies
  • Develop inter-agency memoranda of understanding to set out how complex financial investigations crossing agency boundaries are handled

Progress Made in Coordination

  • Establishment of the Anti-Money Laundering Advisory Council (AMLAC), which coordinates the national AML/CFT strategy and facilitates liaison between ministries and agencies
  • Representation from various offices, ministries, and agencies on AMLAC, including:
    • Bank of Namibia
    • Anti-Corruption Commission
    • Ministry of Justice
    • Other relevant organizations

Areas for Further Improvement

  • Effective training programs should be devised for:
    • Law enforcement agencies
    • Judges
    • Magistrates
  • Public awareness campaigns to educate the general public about the dangers of money laundering and terrorist financing
  • Allocation of sufficient resources by government to support the implementation of the AML/CFT strategy, including:
    • Financial resources for training programs
    • Staffing
    • Infrastructure

Conclusion

The report emphasizes the importance of enhancing Namibia’s capacity to investigate and prosecute complex financial crimes, money laundering, and terrorist financing cases. By implementing these recommendations, Namibia can strengthen its efforts to combat financial crime and protect its citizens from the threats of money laundering and terrorist financing.