Money laundering ‘a hot potato’ in the NC

A SWAPO MP in the National Council says the fight against money laundering in Namibia should not be limited to cash alone but should be extended to property and other assets as well.

Henock Ya Kasita, who is also the Deputy Minister of Mines and Energy, says money launderers could buy property, rent it out or sell it. “Some of the accounts are not in the names of the real owners or their known business,” said Ya Kasita, adding that qualified people are needed so that such practices can be sniffed out.Ya Kasita was making a contribution to the second reading of the Financial Intelligence Bill in the National Council on Wednesday.”Today, as we debate this bill, some people go to bed poor and wake up rich,” he said.In an interview after the Council session, Ya Kasita told The Namibian that money laundering was rife in Namibia but that it was something that was easy to prove.”However, the fact that some people are so rich regardless of their ages, for a example a guy of 20 or 35 years old or a person who is not working, gives an indication that money laundering activities are on,” he said.He alleged that there were some foreigners who use Namibians’ bank accounts to launder money.Asked if the Anti-Money Laundering Council was necessary since there were already other organisations such as the Anti-Corruption Commission, Ya Kasita said they needed to be supplemented by the Anti-Money Laundering Council.He said although it was required of commercial banks to alert the Bank of Namibia when a client withdraws more than N$100 000, money could be withdrawn in smaller, more frequent amounts.Swapo’s Phillemon Ndjambula told the National Council that because of globalisation, money laundering was taking place without being noticed.”Money laundering has become the order of the day and it is being committed by very sophisticated syndicates,” said Ndjambula, adding that developing countries like Namibia needed effective and strong legal instruments to fight this.”Some of the accounts are not in the names of the real owners or their known business,” said Ya Kasita, adding that qualified people are needed so that such practices can be sniffed out.Ya Kasita was making a contribution to the second reading of the Financial Intelligence Bill in the National Council on Wednesday.”Today, as we debate this bill, some people go to bed poor and wake up rich,” he said.In an interview after the Council session, Ya Kasita told The Namibian that money laundering was rife in Namibia but that it was something that was easy to prove.”However, the fact that some people are so rich regardless of their ages, for a example a guy of 20 or 35 years old or a person who is not working, gives an indication that money laundering activities are on,” he said.He alleged that there were some foreigners who use Namibians’ bank accounts to launder money.Asked if the Anti-Money Laundering Council was necessary since there were already other organisations such as the Anti-Corruption Commission, Ya Kasita said they needed to be supplemented by the Anti-Money Laundering Council.He said although it was required of commercial banks to alert the Bank of Namibia when a client withdraws more than N$100 000, money could be withdrawn in smaller, more frequent amounts.Swapo’s Phillemon Ndjambula told the National Council that because of globalisation, money laundering was taking place without being noticed.”Money laundering has become the order of the day and it is being committed by very sophisticated syndicates,” said Ndjambula, adding that developing countries like Namibia needed effective and strong legal instruments to fight this.