Namibia steps up fight against financial crime with legal and digital reforms

 Emma Theofelus, minister of information and communication technology, at the Standard Bank Anti-Financial Crime Conference, Windhoek, 14 August 2025

It is both an honour and a responsibility to address you today at the Standard Bank Anti-Financial Crime Conference 2025, a landmark event that brings together experts, regulators and stakeholders to confront one of the most pressing challenges of our time: financial crime.

I commend Standard Bank Namibia for convening this important gathering. I am especially pleased to note that this year’s conference is officially endorsed by the Financial Intelligence Centre, in addition to the endorsement by the Ministry of Information and Communication Technology. 

This is a significant milestone in our mission to foster strong collaboration between public and private sector stakeholders in the fight against financial crime.

It is no coincidence that telecommunications companies and the government are supporting this initiative. We all have a role to play, the same for everyone in this room and those following online.

In Namibia, we understand that financial crime is not just a legal issue – it is a national development challenge. It siphons resources away from schools, hospitals and infrastructure. It erodes trust in institutions and undermines the rule of law.

Our collective response must be decisive, coordinated and forward-looking. We must strengthen legislative frameworks, invest in technology that enhances detection and prevention, and ensure that our enforcement agencies are equipped with the skills and tools to act swiftly. 

Just as importantly, we must promote a culture of integrity across all sectors, where transparency is valued and accountability is non-negotiable.

By working together across government, the financial sector, the technology industry and civil society, we can not only disrupt criminal networks but also safeguard the prosperity and stability of our nation for generations to come.

Let me share a few sobering facts:

• In the last financial year alone, the Financial Intelligence Centre froze over N$96.9 million suspected to be proceeds of unlawful activities. During the same year, it successfully contributed N$79.95 million towards funds preserved in the High Court of Namibia.
  
• In the past year, the Financial Intelligence Centre supported the Namibian Police and the Anti-Corruption Commission in proactively conducting and investigating 148 cases, which led to the identification of 50 victims and 128 persons of interest.
  
• The Namibia Revenue Agency, in the most recent financial year, raised tax assessments totalling N$47 million, of which it collected 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. Every dollar lost to financial crime is a dollar stolen from Namibia’s future.
  

We are taking bold steps to modernise our legal and digital frameworks. The data protection bill will be tabled in parliament during September 2025. This bill is a cornerstone of Namibia’s digital governance strategy. It will ensure that personal data is protected, privacy is respected and digital transactions are secure.

Beyond safeguarding individual rights, the bill will strengthen public trust in digital platforms, create a safer environment for online business, and align Namibia with international best practices on data protection. 

It will also support innovation by providing clear rules for the ethical use of data, empowering both public institutions and private enterprises to harness technology responsibly.

In parallel, we are preparing for the launch of electronic signatures in February 2026, under the Electronic Transactions Act of 2019. These signatures will carry the same legal weight as handwritten ones, enabling secure, efficient and legally binding digital transactions. Imagine signing a contract from your phone, with full legal recognition – no travel, no paper, no delay.

Electronic signatures will be a game-changer in combating financial crime. They reduce forgery, enhance traceability and ensure accountability. With biometric authentication, such as facial recognition or voice signatures, fraud becomes harder to commit and easier to detect.

Moreover, electronic signatures will boost Namibia’s competitiveness in the digital economy. Businesses will close deals faster, cross-border transactions will be simplified, and citizens will be able to access government services more efficiently. 

This innovation will also promote financial inclusion by removing geographical and logistical barriers, allowing even those in remote areas to participate in formal economic activity.

By integrating security, convenience and accessibility, electronic signatures will modernise how we do business and strengthen our defences against illicit financial activity, paving the way for a safer, more trusted digital future.

Earlier this week, an artificial intelligence readiness assessment report was launched to examine our preparedness for artificial intelligence (AI). The government of the Republic of Namibia is committed to passing the necessary laws and policies to create an enabling environment for AI to thrive for good, while regulating it to protect citizens.

As minister of information and communication technology, I am proud of the strides we are making to build a secure digital economy. But technology alone is not enough. No single institution or sector can win this fight alone. 

We need a whole-of-society approach, where banks, regulators, law enforcement, civil society, academia and the media work together.

We must build a culture of integrity, transparency and accountability that permeates every level of our society.

This conference is a powerful example of what that collaboration can look like. It brings together the best minds, the most committed actors and the most innovative solutions. Let us use this opportunity not just to share insights, but to forge partnerships, align strategies and commit to action.

Financial crime is not a victimless crime. It is a crime against development, against justice and against the aspirations of our people. Together, we can turn the tide. Together, we can build a Namibia – and an Africa – where financial systems are secure, transparent and inclusive.

Let this conference be a catalyst for that vision. I look forward to the panel discussions and presentations by expert speakers to enrich our knowledge on how we can collectively fight financial crimes. 

I wish us all a successful conference.

Thank you for your kind attention.

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