Namibia

New Documents

Namibia’s Financial Intelligence Centre published its 2019/2020 Annual Report and Financial Statements for the year ending on March 31, 2020.

The Central Bank of the United Arab Emirates announced that the country’s Financial Intelligence Unit signed a Memorandum of Understanding with the Financial Investigation Department of Bahrain and the Financial Information Center for the Republic of Nambia.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department identifies Namibia as a monitored jurisdiction. The country is not a regional financial center, although it has one of the most highly developed financial systems in Africa. Sources of potential money laundering in Namibia are related to both regional and domestic criminal activities. Falsification or misuse of identity documents, customs violations, trafficking of precious metals and gems, and trafficking in illegal drugs and stolen vehicles - mostly from South Africa - are regional problems that affect the country. Organized crime groups involved in smuggling activities generally use Namibia as a transit point for its long and porous borders. Domestically, real estate as well as minerals and gems are suspected of being used as vehicles for money laundering. The proceeds of these activities are laundered on a small scale through Namibian financial institutions. Additionally, Namibia has set up export processing zones where there are no restrictions on the industrial sector provided the exports are destined for markets outside the South Africa Customs Union region.
  • KYC Covered Entities:  Banks and microfinance entities; pension funds, asset managers, and trust companies; casinos and gaming institutions; exchange houses, stock brokerages, and cash couriers; dealers in jewels and precious metals; insurance companies; pawn shops and dealers in high-value art and vehicles; realtors and auctioneers, to include livestock and real estate; lawyers, accountants, and notaries
  • STR Covered Entities:  Banks and microfinance entities; pension funds, asset managers, and trust companies; exchange houses, stock brokerages, and cash couriers; casinos; dealers in jewels and precious metals; insurance companies; pawn shops and dealers in high-value art and vehicles; realtors and auctioneers, to include livestock and real estate; lawyers, accountants, and notaries
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 5 Substantial :
Partially Compliant : 13 Moderate :
Non-Compliant : 28 Low :
Not-Applicable : 1

BASEL i

Rank : 48/146
Score : 6.59/10

TRANSPARENCY INTERNATIONAL i

Rank : 56/180
Score : 52/100

Tax Justice Network i

Rank : N/A
Score : N/A