Namibia puts on workshop for illicit financial flows and money laundering investigations

The Namibia University of Science and Technology in association with Bank Windhoek and Capricorn Group, has hosted a two-day workshop for journalists and media students on the investigation of illicit financial flows (IFFs) and money laundering in the Namibian capital, Windhoek.

The workshop’s aim was to focus, facilitate, and draw on a multi-stakeholder approach to understanding the problem of corruption and IFFs in Namibia, and how investigative journalists might, or might not be adequate watchdogs in uncovering the extent of the problem.

The event also looked at the players and facilitators in IFFs, and the effect that these corrupt practices are having on Namibia’s economy.  

Media role

Speaking at the opening of the workshop, Bank Windhoek’s executive officer for marketing and corporate communication services, Jacquiline Pack, highlighted the important role the media and civil society plays in exposing corrupt practices.

She says the bank has “a robust system of detection and analysis of fraudulent activities and, in compliance with the law, reports suspicious transactions as soon as they are suspected or detected.”

“From the basic know-your-client vetting when dealing with customers to more sophisticated techniques of detection, Bank Windhoek is committed to play its part in the combating and prevention of illegal activities,” Pack said.

Public education

Former director of the South African Reserve Bank Centre for Economics Journalism at South Africa’s Rhodes University, Professor Reg Rumney, also stressed the media’s role to help educate the public.

The professor said the public could then help by informing those involved with IFFs of their duties as law-abiding citizens and what the law expects of them. 

Categories: Trade Based Financial crimes News

%d bloggers like this: