The Financial Intelligence Act (FIA) passed into law June 2007, although still to come into operation. Under the FIA the Bank of Namibia has been delegated the ownership of anti-money laundering enforcement efforts in Namibia.
The Bank of Namibia has facilitated the establishment of the Financial Intelligence Centre (FIC) to whom it delegates its statutory duties in combating money laundering. The FIC will be an intelligence-gathering institution that also supervises compliance with the FIA. The Anti-Money Laundering Advisory Council (AMLAC) advises the Minister of Finance on policies and measures to combat money laundering.
Namibia is a member country of the Financial Action Task Force (FATF) established in 1989 by the G7 Summit. Namibia is also a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
The Banking Institutions Act (Act No. 2 of 1998) and the Bank of Namibia Act 1997 allows for the Bank of Namibia to carry out supervisory functions, cooperate with domestic and international agencies, freeze accounts and compel disclosure. There are provisions, where a court makes a confiscation order or a restraining order in a criminal matter, for the bank to issue a letter of request seeking the assistance of foreign state to enforce the order.
There is no requirement to prove a direct link between the crime and the asset before the order becomes enforceable. However, for this provision to be effective the state to which the request is made would have to have the necessary legal mechanisms to enforce the order, or a bilateral agreement with Namibia.
Related to Asset Confiscation are some articles in the Prevention of Organised Crime Act, 2004 which has not been commenced yet, and also in the Criminal Procedure Act.
