The Financial Intelligence Centre (FIC) intercepted and aided the recovery of criminal proceeds worth N.dollars 142.4 million during the 2020/21 financial year, a report shows.The FIC also analysed dodgy transactions valued at N.dollars 3.8 billion, wh…
The Financial Intelligence Centre (FIC) intercepted and aided the recovery of criminal proceeds worth N.dollars 142.4 million during the 2020/21 financial year, a report shows.
The FIC also analysed dodgy transactions valued at N.dollars 3.8 billion, which are still under investigation by various law enforcement agencies.
The details are contained in a dossier availed to Nampa by the centre recently, which was presented by FIC’s acting director, Gerrit Eiman.
The intricate details show that the centre contributed to the forfeiture of assets valued at N.dollars 7.7 million, preservation orders worth N.dollars 19.6 million and restraint orders to the tune of N.dollars 115 million.
This resulted in 10 criminal convictions, while 67 cases are still ongoing.
The forfeitures relate to moveable and immovable properties.
During the period under review, there were seven preservation orders in line with the Prevention of Organised Crime Act (POCA), involving 14 bank accounts.
Eight vehicles, N.dollars 17.7 million (2021) and N.dollars 5.5 million in 2020 were forfeited to the State.
Meanwhile, a house or houses valued at N.dollars 2 million were forfeited to the State.
Other forfeitures involve six bank accounts.
Last year, the FIC played a role in the recovery of N.dollars 938 000 in cash, which was forfeited to the State.
In 2020, N.dollars 225 000 was surrendered to the State purse.
In addition, two flats and two houses, valued at N.dollars 3.5 million, were also forfeited.
In 2020, the FIC intervened in 44 matters, estimated at N.dollars 34 million. The following year, the interventions decreased sharply to 16, valued at N.dollars 5 million.
Moreover, the intelligence agency received 435 disclosures of questionable tax crimes, fraud, theft, corruption, wildlife crimes and trade-based money laundering.
“These results were achieved upon investigations by law enforcement agencies and court applications by the Office of the Persecutor General,” Eiman says in the document.
The FIC does not have criminal investigative, evidence collection, arresting, search or seizure powers.
Its information-gathering capabilities empower it with intelligence, freeze assets and ensure regulatory compliance.
Banks and legal practitioners are rated as high risks in terms of compliance, making them the most fertile grounds for illicit transactions.
Diametrically opposed to them are accounting and audit firms, auctioneers, dealers in precious metals and stones and supervisory and regulatory bodies, the report added.
Source: The Namibian Press Agency