The Financial Intelligence Centre (FIC) in Namibia is working on introducing unexplained wealth orders to help prevent financial crime.
They will strengthen the investigative skills and toolkit at the disposal of law enforcement agencies, said the centre’s chairman Johannes Gawaxab.
People served with such an order would have to prove to a court their wealth was acquired through legal means.
“We are happy to report that consultations in this regard have been fruitful with all stakeholders. Indeed, once introduced our collaborative battle against financial crimes will take on new dimensions,” he was quoted as saying by the Namibia Economist newspaper.
He was speaking during the launch of the FIC’s annual report for the year to March.
Reporting of suspicious transactions increased by 36% to a record 1,585, while suspicious activity reports from financial institutions fell 15.8% to 177.
“The decline is attributed to the FIC availing more concrete guidance, to prevent defensive reporting which would have no real impact in disrupting financial crime, money laundering, terrorist financing and proliferation,” said Gawaxab, who is also governor of the Bank of Namibia.
“Furthermore, an increase in reports from the general public was observed during 2020/2021 and this is a positive indication that Namibians are taking charge and reporting financial suspicious/criminal activity.”