Money laundering in the spotlight

ISRAELI fugitive Jacob ‘Kobi’ Alexander briefly became the centre of attention during a seminar on money laundering co-hosted by the Bank of Namibia and the US Embassy in Windhoek yesterday.

The US Embassy Deputy Chief of Mission, Eric Benjaminson, said Alexander, facing extradition to the US, was an example of an alleged money launderer, who was able to move more than N$100 million into Namibia in 2006. Alexander, the founder and former Chief Executive Officer of New York-based Comverse Technology, fled the US after allegedly transferring millions of dollars from the US to accounts in Israel.He was on the FBI’s most-wanted list before being arrested in Windhoek in September 2006, where he had made home with his family.Alexander is wanted by the US Government on multiple counts of criminal charges in connection with his suspected involvement in an allegedly fraudulent stock-market scheme.His extradition case was on Monday postponed to June.Going further, Benjaminson said legislation to deal with money laundering was vital in that it would dispel the misconception and the risk of the country being known as a safe haven for dirty money acquired through criminal activities, and would help it establish a strong financial intelligence unit.The Financial Intelligence Centre of the central bank held the one-day seminar to inform banking and non-banking financial institutions on the Anti-money Laundering Advisory Council (AMLAC) rules and regulations in line with the Financial Intelligence Act gazetted last July.The legislation is mainly designed to rid Namibia of money laundering.The council’s major role is to advise the Minister of Finance on policies and measures to combat money laundering and about other powers entrusted to the Minister in terms of the Financial Intelligence Act.BoN Assistant Governor Ipumbu Shiimi said fighting money laundering was everybody’s responsibility, as such activities affected the country’s economy negatively and subsequently citizens’ lives.Alexander, the founder and former Chief Executive Officer of New York-based Comverse Technology, fled the US after allegedly transferring millions of dollars from the US to accounts in Israel.He was on the FBI’s most-wanted list before being arrested in Windhoek in September 2006, where he had made home with his family.Alexander is wanted by the US Government on multiple counts of criminal charges in connection with his suspected involvement in an allegedly fraudulent stock-market scheme.His extradition case was on Monday postponed to June.Going further, Benjaminson said legislation to deal with money laundering was vital in that it would dispel the misconception and the risk of the country being known as a safe haven for dirty money acquired through criminal activities, and would help it establish a strong financial intelligence unit.The Financial Intelligence Centre of the central bank held the one-day seminar to inform banking and non-banking financial institutions on the Anti-money Laundering Advisory Council (AMLAC) rules and regulations in line with the Financial Intelligence Act gazetted last July.The legislation is mainly designed to rid Namibia of money laundering.The council’s major role is to advise the Minister of Finance on policies and measures to combat money laundering and about other powers entrusted to the Minister in terms of the Financial Intelligence Act.BoN Assistant Governor Ipumbu Shiimi said fighting money laundering was everybody’s responsibility, as such activities affected the country’s economy negatively and subsequently citizens’ lives.