Namibia Financial Intelligence launches first Anti Money Laundering report

The Financial Intelligence Centre (FIC) launched its first Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (AML/CFT/CPF) Financial System Integrity Report at a conference held from 12 to 13 October in Windhoek.

The conference was attended by the Minister of Finance, the Director General of the Anti-Corruption Commission, the Prosecutor General, the Inspector General of the Namibian Police, the Deputy Governor of the Bank of Namibia, Commissioner of NamRA, and the CEO of NAMFISA.

Presented by Mr Gerrit C. Eiman, General Manager at the FIC, the report assesses financial crime risks affecting Namibia’s financial system, highlights progress in strengthening the national AML/CFT/CPF framework and identifies priorities for sustained effectiveness.

The report key findings and messages are such as a ‘Stronger financial integrity framework’ which states that Namibia has improved its legislative, supervisory, technological and financial intelligence capabilities, supported by stronger institutional cooperation; the ‘Persistent financial crime risks’ indicating that the report identifies corruption, fraud and cybercrime as very high financial crime risks.

It also highlights trade-based money laundering, cross-border cash movements and virtual assets as areas requiring continued attention.

The report also highlights the need for ‘Sustaining progress,’ stating that Namibia’s removal from the FATF grey list represents an important milestone for the country, but continued effectiveness and preparation for the 2030 Mutual Evaluation remains a priority.

The report also calls on the need for ‘Turning intelligence into results’ by saying that financial intelligence should be used more effectively to support successful investigations, prosecutions, asset recovery and the disruption of criminal networks.

The report also identifies beneficial ownership verification, digital fraud investigations, gaps in specialist skills and reliance on outdated technological systems as operational challenges requiring continued attention.

The Financial System Integrity Report sets out evidence on the risks facing Namibia’s financial system, the progress already made in addressing those risks and the operational priorities that require further action.

It is intended to guide efforts to protect the country’s financial system’s integrity, resilience and stability.

In the photo: Participants of the Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation.