FINANCIAL INTELLIGENCE CENTRE, NAMIBIA
The Government of the Republic of Namibia, by acceding to the United Nations Convention against Transnational Organized Crime, agreed that it shall establish a Financial Intelligence Unit that will serve as a national centre for the collection, analysis and dissemination of information regarding potential money laundering. The Government of the Republic of Namibia, in giving execution to last mentioned obligation, enacted the Financial Intelligence Act, 2012 (Act No. 13 of 2012). This Act empowers the Financial Intelligence Centre with amongst others:
• Measures for the combating of money laundering and Terrorist Financing by the Government of the Republic of Namibia;
• To establishment the Anti-Money Laundering Advisory Council;
• To collect, assess and analyse financial intelligence data that may lead or relate to money laundering;
• Imposing certain reporting and compliance duties on banks, non-banking financial institutions and designated non-banking financial businesses and professions that may be used for money laundering; and
• Providing for other incidental matters dealing with money laundering.
The Financial Intelligence Centre, is Namibia’s:
• Anti-money laundering and combating of Terrorist financing regulator;
• Specialist financial intelligence unit which performs the duty of a central, national agency responsible for:
i) Receiving and analyzing suspicious financial transaction reports pertaining to suspected proceeds of crime, and disseminating financial intelligence to law enforcement agencies; and
ii) Enforcing compliance by accountable institutions and supervisory bodies with the provisions of the Financial Intelligence Act of 2012.
In its regulatory role, the Financial Intelligence Centre, oversees compliance with the requirements of the Financial Intelligence Act by accountable institutions and supervisory bodies as listed in Schedules I and II of the Act.
In its intelligence role, the Financial Intelligence Centre, provides intelligence to domestic and international law enforcement agencies, other investigative bodies, international financial intelligence units and Governments.