The implementation of Unexpected Wealth Orders (UWOs) is expected to combat financial crimes in Namibia, as part of efforts to reinforce the non-conviction-based assets forfeiture legal frame work, director of Financial Intelligence Center (FIC), Leonie Dunn, has said.
Dunn, in a media statement issued on Tuesday, stated that in light of the process to enhance policy, legislative and implementation efforts in the prevention and combatting of financial crimes in Namibia, the FIC has proposed implementing UWOs.
“This will provide appropriate law enforcement agencies with the power to pursue UWOs, in addition to existing powers such agencies already have. The implementation of UWOs is intended to align Namibia’s financial crime prevention and combating environment with international best practices, while also reducing financial crimes in response to shifting risk patterns. The effective deployment and usage of UWOs will aid the government in successfully combating financial crimes, with the view to maintain financial integrity,” she said.
Dunn further noted that the specifics of this orders have yet to be developed and it is crucial to note that UWOs may not discriminate against or be applied to a certain race or ethnic group, since this would be unconstitutional.
“In accordance with comparable enabling legislations, such UWOs are not likely to be retroactively applied. In other words, they will be enforceable as of the day they are published in a government gazette. The FIC would like to inform the public that applicable amendments are still in their infancy. The Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation Council,Namibia’s principal policy advising body has endorsed the recommendation of UWOs on the basis that it be included in the amendment to the Prevention of Organized Crime Act, (POCA) as amended ,” she said.
Following that, it must go through the proper legislative procedure, which includes Cabinet approval for changes to the POCA, as well as stakeholder discussions, and then tabling before the Parliament of the Republic of Namibia.
“The proposal was developed because of the dynamic global context in which financial crimes occur. As a result, UWOs are anticipated to have a good impact on preventing and combating financial crimes by boosting the investigation capabilities and toolkits of law enforcement agencies,” added Dunn.
Source: Namibia Press Agency
