THE Bank of Namibia (BoN) is targeting the first of July this year to make its Financial Intelligence Centre (FIC) operational in order to criminalise money laundering.
Speaking to Nampa in an interview in Windhoek on Tuesday, the FIC Director at BoN, Leonie Dunn, said for the FIC to become operational it will depend on the progress of the 2004 Prevention of Organised Crime Act, which is currently being amended and must be presented to Parliament. She said currently all banks were mandated by BoN to report cases of money laundering, but culprits could not be prosecuted because money laundering is not a criminal act yet.Meanwhile, the FIC strives to develop a strong legal basis to combat money laundering and other financial crimes within the borders of Namibia, to protect the financial system against money laundering and other financial crimes and to combat money laundering by producing analytic products that will incorporate analysis of relevant classified information.The mission of the FIC is to protect Namibia’s financial system against the abuse of money laundering and other financial crimes.NampaShe said currently all banks were mandated by BoN to report cases of money laundering, but culprits could not be prosecuted because money laundering is not a criminal act yet.Meanwhile, the FIC strives to develop a strong legal basis to combat money laundering and other financial crimes within the borders of Namibia, to protect the financial system against money laundering and other financial crimes and to combat money laundering by producing analytic products that will incorporate analysis of relevant classified information.The mission of the FIC is to protect Namibia’s financial system against the abuse of money laundering and other financial crimes.Nampa
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