Key Documents

Namibia Enacts Financial Intelligence Act, Establishes AML Advisory Council

July 5, 2007

Namibian Ministry Approves Financial Intelligence Regulations

April 16, 2009

Bank of Namibia Allows Institutions Three Years to Establish Identities of Their Clients

May 5, 2009

Namibia Enacts Prevention of Organised Crime Act

December 19, 2004

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 | 2013 Methodology

Technical	Effectiveness
Compliant : 5	High : 0
Largely Compliant : 16	Substantial : 0
Partially Compliant : 16	Moderate : 6
Non-Compliant : 3	Low : 5
Not-Applicable : 0

BASEL i

Rank : 48/146

Score : 6.59/10

TRANSPARENCY INTERNATIONAL i

Rank : 57/179

Score : 51/100

Tax Justice Network i

Rank : N/A

Score : N/A

Namibia

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