FIC launches annual report for 2018

The Financial Intelligence Centre on Thursday launched its annual report for the 2018/19 financial year.

The report highlights the usage of financial intelligence and regulations to disrupt money laundering, terrorist and proliferation financing and other serious crimes.

The FIC which resorts under the Bank of Namibia (BoN) is mandated to assist the country in the prevention and combatting of money laundering, terrorist or proliferation financing activities in collaboration with government, law enforcement agencies and regulatory bodies.

Its powers are however limited to the receipt, analysis and dissemination of intelligence products.

In her presentation, Director for the FIC, Leonie Dunn indicated that 25 intervention cases were recorded in 2018, with a total value of close to N.dollars 471.9 million.

The number of suspicious transaction reports reported during the 2018/19 financial year was 1328, a decrease of two per cent from 1356 reports in 2017/18.

The banking sector had the most suspicious transaction reports with 972 last year, compared to 1051 in the 2017/18 financial year.

Source: Namibia Press Agency