Dirty money: Nam remains vigilant

Jo-Maré DuddyNamibia's Financial Intelligence Centre (FIC) in 2018/19 disseminated 338 intelligence products to domestic and international stakeholders, with a total value of potential proceeds of crime amounting to nearly N$6.3 billion.The information is contained in the FIC's latest annual report, released yesterday.It shows the FIC received 1 328 suspicious transaction reports (STRs) during the period under review, down 2% from 2017/18. The FIC attributes the slight decline to its consistent training, supervision and monitoring activities.About 73% of STRs, 972 reports, came from banking institutions.The FIC can restrict bank accounts suspected of holding proceeds of crime by directing accountable institutions or reporting entities not to proceed with carrying out transactions in respect of funds under suspicion for a period of 12 working days. In 2018/19, 25 intervention cases were recorded. The total value of these interventions was nearly N$471.9 million.'Prevalent'Socio-economic and transnational organised crimes such as drug trafficking, smuggling of contraband, fraud, theft, money laundering and systemic corruption remains prevalent in Namibia, finance minister Calle Schlettwein says in the foreword of the annual report.The issue calls for a coordinated combating approach, he says.During the period under review, enhanced cooperation between governmental and non-governmental stakeholders was required to combat crimes “which are tearing down the very moral fibre of society”, Schlettwein said.“There is thus a need to enhance our commitment to international, continental, regional and bilateral efforts in this regard.”RatingNamibia is currently undergoing its second mutual evaluation, conducted by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF). The exercise started this month and will be concluded at the end of February next year.The main purpose of the evaluation will be to assess Namibia's overall compliance with applicable Anti-money Laundering, Combatting the Financing of Terrorism and Proliferation (AML/CFT/ CPF) UN Conventions and mandatory UN Security Council resolutions, Schlettwein says.A national focal committee was established to thoroughly prepare Namibia for the evaluation, he says. The FIC plays a pivotal role in the committee.Schlettwein says the committee needs the full cooperation of all stakeholders “to ensure that Namibia does not attain negative ratings during the evaluation”. “Such negative ratings may have an adverse effect on the stability of the national economy,” he warns.

Dirty money: Nam remains vigilant

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