N$96.9m in suspected illicit funds frozen

Namibia has reportedly frozen over N$96.9 million in suspected illicit funds, supporting 148 investigations in the past year, according to statistics by the Financial Intelligence Centre.

This was revealed by minister of information and communication technology Emma Theofelus at the Standard Bank Anti-Financial Crime Conference 2025 which commenced yesterday.

This year’s theme is ‘Combating Financial Crime in the Age of Artificial Intelligence and Geopolitical Unrest’.

Over the same period, the Namibia Revenue Agency raised N$47 million in tax assessments, collecting N$2.7 million.

“Financial crimes including fraud, money laundering, and embezzlement – account for a significant portion of economic losses, affecting both public and private sectors.

To put it plainly: every dollar lost to financial crime is a dollar stolen from Namibia’s future,” the minister said.

In a move to safeguard Namibia’s resources and prevent financial crime in the country, the government is set to table a data protection bill in September.

Theofelus said the bill will ensure protection of personal data, respect of privacy and security of digital transactions to create a safer environment for online business and align Namibia with international best practices on data protection.

In addition to the bill, the government is preparing to launch electronic signatures in February 2026, under the Electronic Transactions Act of 2019, carrying the same legal weight as handwritten signatures to enable secure, efficient and legally binding digital transactions.

“Imagine signing a contract from your phone with full legal recognition no travel, no paper, no delay,” she said, adding that the electronic signatures reduce forgery, enhance traceability and ensure accountability.

“With biometric authentication, like facial recognition or voice signatures, fraud becomes harder to commit and easier to detect,” said Theofelus.

At the event, Standard Bank Namibia chief executive Erwin Tjipuka, reaffirmed the bank’s commitment to supporting Namibia’s removal from the Financial Action Task Force greylist, following the 2024 Eastern and Southern Africa Anti-Money Laundering Group evaluation.

“Growth without integrity is fragile. Growth without vigilance is vulnerable. And growth without action is impossible,” he said.

South African advocate and academic professor Thuli Madonsela said cybercrime is not just a technical issue, it is a grave injustice that inflates the cost of doing business and undermines economic stability.

She highlighted the alarming rise in digital fraud and identity theft, often targeting society’s most vulnerable.

Challenging delegates to reflect on the ethical use of technology, she likened artificial intelligence (AI) to a Swiss army knife, versatile and powerful, but capable of harm if misused.

“The key lies in deploying AI ethically and critically, with government playing a proactive role,” the advocate added.

Cybertec chief executive Hans-Jürgen Schönig demonstrated how AI can be used to detect anomalies, prevent fraud, and empower institutions to act swiftly.

Schönig illustrated how data science and algorithms such as density-based spatial clustering of applications with noise and isolation forest can uncover hidden patterns and protect financial integrity using examples like the Greek financial crisis.

Deloitte country partner Melanie Harrison outlined that Deloitte’s 2025 report makes it clear that financial institutions are at a reset moment – where fighting financial crime requires more than compliance.

It demands transformation.
She outlined six critical stages for future-ready institutions: intelligent risk management, digital-first client due diligence, integrated monitoring, dynamic risk scoring, AI-driven automation, and real-time collaboration.

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