Windhoek:An Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) Financial System Integrity report launched by the Financial Intelligence Centre (FIC) underscores the need for ongoing attention to trade-based money laundering, cross-border cash movements, and virtual assets.
According to Namibia Press Agency, this inaugural report, presented by FIC General Manager Gerrit Eiman at the recent FIC AML/CFT Conference, evaluates financial crime risks impacting Namibia's financial system. It showcases progress in enhancing the national AML/CFT/CPF framework and outlines priorities for maintaining effectiveness.
The report acknowledges Namibia's advancements in legislative, supervisory, technological, and financial intelligence capacities, which have been bolstered by enhanced institutional collaboration. Nonetheless, it identifies corruption, fraud, and cybercrime as significant financial crime threats.
Moreover, it emphasizes the importance of addressing trade-based money laundering, cross-border cash movements, and virtual assets. Namibia's removal from the FATF grey list is cited as a crucial achievement, yet sustained effectiveness and preparation for the 2030 Mutual Evaluation remain vital.
Operational challenges highlighted in the report include beneficial ownership verification, digital fraud investigations, gaps in specialist skills, and reliance on outdated technological systems, necessitating further action.
The conference, held on October 12 and 13, 2026, under the theme 'From Prevention to Recovery Strengthening Namibia's AML/CFT Framework for Sustainable Effectiveness,' gathered regulators, law enforcement officials, prosecutors, financial institutions, and regional guests from organizations like the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat, the Southern African Anti-Money Laundering Integrated Task Force (SAMLIT), and the University of Johannesburg.
The FIC overview provided to Nampa highlighted the conference's focus on converting AML/CFT reforms made during Namibia's FATF grey-listing into sustained operational effectiveness. This involves preventing and detecting financial crimes, such as money laundering and terrorist financing, and achieving successful investigations, prosecutions, and recovery of illicit gains.
The conference traced the financial crime response chain from prevention and detection to investigation, prosecution, and asset recovery, linking reforms to the anticipated practical outcomes. It concentrated on bolstering financial crime prevention through beneficial ownership transparency, risk-based AML/CFT compliance, the use of financial intelligence, effective AML/CFT supervision, the application of technology, and combating illicit financial flows.