Financial Crime World

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Namibia Must Strengthen Anti-Money Laundering and Counter-Terrorist Financing Efforts

Windhoek - Namibia’s financial sector has made significant strides in combating money laundering and terrorist financing, but more needs to be done to ensure effective implementation of anti-money laundering (AML) and counter-terrorist financing (CFT) measures.

Supervisory Bodies Need Strengthening

One key recommendation is for Namibia to establish supervisory bodies for accountable institutions without such bodies. These bodies should have the necessary regulatory authority to ensure compliance with AML/CFT provisions.

  • Develop capacity of existing supervisory bodies to effectively supervise financial institutions and non-financial businesses and professions (DNFBPs)
  • Prevent use of financial institutions and DNFBPs for money laundering or terrorist financing

Legislative Instruments Needed

The government must also adopt legislative instruments to:

  • Create regulatory bodies for accountable institutions without such bodies
  • Provide regulatory powers to supervisory bodies that are administrative in nature
  • Develop a comprehensive framework outlining the functionality of multi-disciplinary task forces tasked with investigating and prosecuting complex financial crimes, including money laundering and terrorist financing cases

Effective Coordination Needed

The report highlights the importance of effective coordination between national AML/CFT programmes. Namibia has made progress through the establishment of 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.

  • Ensure supervisory bodies effectively coordinate their efforts
  • Ensure adequate communication between law enforcement agencies, regulatory bodies, and other stakeholders involved in AML/CFT efforts

Training and Capacity Building

The report recommends that Namibia devises training programmes for:

  • Law enforcement agencies

  • Office of the Judge President

  • Magistrate’s Commission

  • Enhance capacity to investigate and prosecute AML/CFT cases

  • Allocate sufficient financial resources to support development of these training programs

Sufficient Resources Needed

The report emphasizes the need for Namibia to ensure that:

  • Sufficient resources are allocated by government, both capital and recurrent, to enable effective implementation of AML/CFT laws and regulations
  • High-level professional and non-professional staff are recruited to support investigation and prosecution of money laundering and terrorist financing offences and recovery of proceeds of financial crimes

Conclusion

While Namibia has made significant progress in combating money laundering and terrorist financing, there is still much work to be done to ensure effective implementation of AML/CFT measures. The government must prioritize these efforts to protect the country’s financial system and prevent the misuse of its institutions for illicit activities.