BoN gears up for the new Financial Intelligence Act
THE Bank of Namibia, together with the United States Department of the Treasury: Office of Technical Assistance, launched the first series of industry specific training on money laundering compliance workshops in preparation for the Financial Intelligence Act (FIA) coming into effect.
"The main aim of these training workshops is to adequately prepare accountable institutions falling within Phase I of the implementation of the FIA and its complementing regulations on last mentioned duties, when the act becomes operational during this year," said Ipumbi Shiimi, Assistant Governor of the BoN. Under the FIA, the BoN is delegated the ownership of anti-money laundering (AML) enforcement efforts in Namibia.
The BoN was chosen for this role, because of its trusted place within the Namibian Government and the important role it plays in the economic development of this country. In order to advance its statutory mandate in this regard, the BoN facilitated the establishment of the Financial Intelligence Centre, headed by Leonie Dunn, to whom it delegated its statutorily derived combating of money laundering duties.
"The Bank of Namibia however, cannot implement a successful anti-money laundering regime within Namibia, if it does not have the continous support of its partners in the money laundering combating framework, namely the financial industry, the Regulator of Banks, the Regulator of Non- Banking Financial Institutions, designated non-banking financial businesses and professions and law enforcement," Shiimi said.
He explained that if Namibia has an effective legal framework in place, it will be able to eliminate money laundering, and as a result also save lives. "If we ensure that the necessary laws and regulations are in place, it will be more difficult for criminals like drug lords to continue with their illegal activities. Thus, indirectly we will prevent the abuse of drugs, which will have a positive impact on the lives of our young people," he said.
Topics that will be covered during the next few weeks include, amongst others: an in-depth discussion on the meaning of money laundering and terrorist financing, the impact of money laundering on society, international best practices, as well as the FIA and proposed regulations.
The workshops are attended by representatives from accountable institutions like the banking industry, insurance companies, securities companies and regulators, including Namfisa. These workshops will take place until 13 March 2008.
"The main aim of these training workshops is to adequately prepare accountable institutions falling within Phase I of the implementation of the FIA and its complementing regulations on last mentioned duties, when the act becomes operational during this year," said Ipumbi Shiimi, Assistant Governor of the BoN. Under the FIA, the BoN is delegated the ownership of anti-money laundering (AML) enforcement efforts in Namibia.
The BoN was chosen for this role, because of its trusted place within the Namibian Government and the important role it plays in the economic development of this country. In order to advance its statutory mandate in this regard, the BoN facilitated the establishment of the Financial Intelligence Centre, headed by Leonie Dunn, to whom it delegated its statutorily derived combating of money laundering duties.
"The Bank of Namibia however, cannot implement a successful anti-money laundering regime within Namibia, if it does not have the continous support of its partners in the money laundering combating framework, namely the financial industry, the Regulator of Banks, the Regulator of Non- Banking Financial Institutions, designated non-banking financial businesses and professions and law enforcement," Shiimi said.
He explained that if Namibia has an effective legal framework in place, it will be able to eliminate money laundering, and as a result also save lives. "If we ensure that the necessary laws and regulations are in place, it will be more difficult for criminals like drug lords to continue with their illegal activities. Thus, indirectly we will prevent the abuse of drugs, which will have a positive impact on the lives of our young people," he said.
Topics that will be covered during the next few weeks include, amongst others: an in-depth discussion on the meaning of money laundering and terrorist financing, the impact of money laundering on society, international best practices, as well as the FIA and proposed regulations.
The workshops are attended by representatives from accountable institutions like the banking industry, insurance companies, securities companies and regulators, including Namfisa. These workshops will take place until 13 March 2008.
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