Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

BoN, Police join forces to stem money laundering

BoN, Police join forces to stem money laundering

The Bank of Namibia (BoN) and the Namibian Police signed a memorandum of understanding yesterday to regulate their cooperation on the recently implemented Financial Intelligence Act (FIA).

The Act allows the Financial Intelligence Centre at the BoN to gather information from the financial sector in order to investigate cases of money laundering.
Money laundering is an act of engaging in legal transactions with money received from illegal activities.
However, the Financial Intelligence Centre does not have the mandate to prosecute individuals and so needs the cooperation of law enforcement agencies to carry out its function.
The centre will in future hand over suspicious material to the police and other law enforcement agencies who can then take the investigation further.
BoN governor Tom Alweendo, speaking at the signing, called the Police ‘one of the most important stakeholders we have got’.
Inspector General of the Namibian police, Sebastian Ndeitunga, said ‘the honeymoon is now over’ for people involved in money laundering.
He said some businesspeople did not even ‘have bank accounts’ and smuggled ‘suitcases full of money’ out of the country.
According to Ndeitunga, the Police had already started ‘capacity building’ before the FIA was implemented and was confident it could handle the added responsibility.
One of the BoN’s main concerns in the agreement is the confidentiality of the information it passes on so that leakages do not occur.
Alweendo said confidentiality was key because people would not come forward with sensitive information unless they were guaranteed it never found its way back to criminals.

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News