Namibia has been admitted as a member of the Egmont Group of Financial
Intelligence Units in Lima, Peru.
Through this network, Namibia has joined 139 countries across the world
determined to disrupt crime through rapid exchange of information pertaining
financial crimes and assets derived from the commission of financial crimes.
Bank of Namibia Director of the Financial Intelligence Unit Leonie Dunn in
accepting the Egmont membership on behalf of Namibia reiterated Namibia’s
commitment to fight financial crime in all its forms through the effective legal
and operational frameworks established.
“This enables the financial Intelligence Unit in cooperation with Law
Enforcement Agencies (Namibian police, anti corruption commission,
Intelligence Services, Prosecutor-General, customs and excise and Inland
Revenue) to timeously, pro actively and rapidly identify proceeds of crimes and
remove assets acquired from proceeds of crime from the hands of criminals,
regardless of when the crime was committed,” she said.
This membership, which was granted following the Bank of Namibia’s
application on behalf of the country, strengthen the country’s national agenda
to pro-actively combat crime and preventing criminals from enjoying the
proceeds of their criminal activities. “This is important for Namibia to ensure
that we do not allow financial crimes such as money laundering and illegal
drug trade to continue destroying our social fabric and to put the future of our
children in jeopardy,” she said.
Namibia is the first African Nation and one of only few jurisdictions in the
world which successfully conducted a National Money Laundering and
Terrorism Financing Risk and Threat Assessment. This Assessment enabled
Namibia to develop laws, policies and cause resource allocations to address
and mitigate high risk Money Laundering and Terrorism Financing areas. This
further assists the country to protect its economy and citizens from the impact
of financial criminal activities.
The Egmont Group of Financial Intelligence Units is an established formal
network of Financial Intelligence Units with the main objective of stimulating
international co-operation to pro-actively and timeously combat all aspects of
It enables Financial Intelligence Units to rapidly exchange information with
counterparts across the world, which allows the rapid identification of all
assets acquired with proceeds of crime and secure the removal of same from
criminals and criminal enterprises. Egmont Group FIUs meet regularly to
find ways to promote the development of Financial Intelligence Units and to
cooperate, especially in the areas of information exchange, training and the
sharing of expertise.
Admission requirements to the Egmont Group are quite stringent to meet and
Namibia is one of the few countries in Africa that have been admitted. Other 5
countries within the SADC Region are Malawi, Mauritius, Tanzania, Seychelles
and South Africa in addition to the remaining 14 African countries. As a nation,
Namibians should therefore be proud of this accomplishment.