Lack of coordination and inaction by key financial and law enforcement agencies is hampering Namibia’s efforts to curb illicit financial flows (IFFs) according to an article published in The Namibian newspaper.
It says that there are now calls for a centralised government unit to monitor IFFs throughout the country while the police admit they lack a single portal to monitor progress of investigations into illicit flows.
No progress reports
Namibia’s Financial Intelligence Centre (FIC), the agency responsible for detecting financial crime, says it has handed 254 suspected financial crimes to state authorities between January 2019 and February 2020.
Financial institutions meanwhile submitted 1,106 suspicious transaction reports and 236 suspicious activity reports to the FIC for further scrutiny but the authorities have not provided information about how these reports are being investigated.
Revenue not captured
Namibia’s Inland Revenue meanwhile has been accused of failing to capture revenue from companies says the article, which looks at the roles played by several organisations in curbing IFFs throughout the country.
These include the Anti-Corruption Commission, the Receiver of Revenue and the Bank of Namibia, the country’s central bank.
The article published by The Namibian, Nam’s dirty money headache can be found here.
Categories: Trade Based Financial crimes News