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.
http://allafrica.com/stories/200805150690.html
Showing posts with label Namibia. Show all posts
Showing posts with label Namibia. Show all posts
on Sunday, May 13, 2012
Windhoek, Namibia - Namibia's first ever anti-money laundering law will become effective in July, paving the way for monetary authorities and law enforce m ent agencies to effectively monitor and prosecute those suspected of money laund e ring activities in that country, a senior Bank of Namibia (BoN) official said here Monday.
Ipumbu Shiimi, BoN assistant Governor, said the new law could be applied in retr ospect, would bolster the central bank's efforts in combating finance-related crimes, drug trafficking and other related crimes Speaking on the sidelines of a week-long training workshop of the Eastern and So uthern Anti-Money Laundering Group (ESAAMG), Shiimi said that the new law compel l ed financial institutions in Namibia to report any suspicious financial transact i ons and release information to the central bank, which will then co-ordinate wit h law enforcement agencies.
"By July, we would be able to monitor and analyse data from financial institutio ns and pass on the information to law enforcement agencies to effective arrests, " Shiimi said.
Currently, any money-laundering activities are only done through banking supervi sion and Shiimi said this had not been very effective.
"Bank supervision was not designed for anti-money laundering....which is not a c riminal activity yet in Namibia," Shiimi said, adding that the law would be applied retrospectively.
Money laundering encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax e vasion or false accounting.
Illegal activity of money laundering is now recognised as potentially practised by individuals, small and large businesses, corrupt officials, members of organised crime through a complex network of shell companies and trusts based in offshore tax havens.
Financial experts say that the increasing complexity of financial crime, the inc reasing recognised value of the so-called financial intelligence in combating th e crime and the speculated impact of capital extracted from legitimate economic a c tivities had led to an increased prominence of money laundering in political, ec o nomic and legal debate.
He said "If a crime was committed before July, then the law will always go back. ..they will still be prosecuted."
The new law, which will be known as the Prevention of Organised Crime Act, coinc ides with the promulgation of a Financial Intelligence Act, which will also beco m e effective in July.
Windhoek - 12/05/2008
http://www.afriquenligne.fr/news/africa-news/namibia's-anti%11money-laundering-law-effective-july-200805123633.html
Ipumbu Shiimi, BoN assistant Governor, said the new law could be applied in retr ospect, would bolster the central bank's efforts in combating finance-related crimes, drug trafficking and other related crimes Speaking on the sidelines of a week-long training workshop of the Eastern and So uthern Anti-Money Laundering Group (ESAAMG), Shiimi said that the new law compel l ed financial institutions in Namibia to report any suspicious financial transact i ons and release information to the central bank, which will then co-ordinate wit h law enforcement agencies.
"By July, we would be able to monitor and analyse data from financial institutio ns and pass on the information to law enforcement agencies to effective arrests, " Shiimi said.
Currently, any money-laundering activities are only done through banking supervi sion and Shiimi said this had not been very effective.
"Bank supervision was not designed for anti-money laundering....which is not a c riminal activity yet in Namibia," Shiimi said, adding that the law would be applied retrospectively.
Money laundering encompass any financial transaction which generates an asset or a value as the result of an illegal act, which may involve actions such as tax e vasion or false accounting.
Illegal activity of money laundering is now recognised as potentially practised by individuals, small and large businesses, corrupt officials, members of organised crime through a complex network of shell companies and trusts based in offshore tax havens.
Financial experts say that the increasing complexity of financial crime, the inc reasing recognised value of the so-called financial intelligence in combating th e crime and the speculated impact of capital extracted from legitimate economic a c tivities had led to an increased prominence of money laundering in political, ec o nomic and legal debate.
He said "If a crime was committed before July, then the law will always go back. ..they will still be prosecuted."
The new law, which will be known as the Prevention of Organised Crime Act, coinc ides with the promulgation of a Financial Intelligence Act, which will also beco m e effective in July.
Windhoek - 12/05/2008
http://www.afriquenligne.fr/news/africa-news/namibia's-anti%11money-laundering-law-effective-july-200805123633.html
Subscribe to:
Posts (Atom)
