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Namibia: Money Laundering Regulation Considered
Real estate news By Catherine Sasman
9 October 2007
The Anti-money Laundering Advisory Council (AMLAC) yesterday met representatives of the Bank of Namibia (BoN) as the regulator of the banking sector to discuss its role in terms of the Financial Intelligence Act that was gazetted in June. The regulations of the Act still need to be finalised and can become fully operational, and since the beginning of September accountable institutions and supervisory bodies had the opportunity to review and provide feedback on preliminary draft regulations and exemption notices.
The AMLAC consists of the Governor of the BoN, permanent secretaries of the ministries of Finance, Trade and Industry and Justice, the Inspector-General of the Namibian Police, the Director of the Namibian Central Intelligence Service, the Director of the Anti-Corruption Commission and the President of the Bankers' Association. The body advises the Minister of Finance on policies and measures to combat money-laundering activities and other powers entrusted to the Minister.
The council should further maintain a forum at least twice a year where accountable institutions, Government ministries, agencies and supervisory bodies can consult. "The importance of such a council cannot be overemphasised," said Governor of the BoN, Tom Alweendo. "The council is indeed an important organ in the implementation of the anti-money laundering legislation. Money laundering is not only a threat to the global financial sector, but if allowed to flourish, money laundering has the potential to become a threat to the civil and political spheres."
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