Namibia: AML Workshop Under Way

The Bank of Namibia (BoN) in collaboration with the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and the World Bank is conducting training on money laundering and terrorism financing for bankers in southern Africa.

This is the first phase of a multi-year capacity enhancement programme - and the first of its kind brought to the African continent - for ESAAMLG member countries, of which Namibia is part.

"Today, more and more developed and developing countries recognise the significance of integrity in the financial sector as the key determinant of financial system soundness," said BoN.

"Good governance, in terms of building integrity in financial institutions, the civil service, the corporate sector and other players in the economy, is critical towards building efficiency and competency."

Bank soundness and financial system integrity in a country is measured by the anti-money laundering and combating the financing of terrorism (AML/CFT) regimes in line with international standards set by the Basel Committee of the Bank of International Settlement and the Financial Action Force.

Effectiveness of AML/CFT regimes is dependent on, among others, the underlying enabling legislation, institutional framework, political support and commitment and allocation of resources.

But, said Leonie Dunn of the BoN Financial Intelligence Centre, human skills will make sure that the system in place works effectively.

The number of people involved in the AML/CFT regime is steadily rising as more countries are establishing or expanding existing ones.

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