FIC launches annual report for 2018

08 Aug 2019 15:20pm
WINDHOEK, 08 AUG (NAMPA) – The Financial Intelligence Centre on Thursday launched its annual report for the 2018/19 financial year, highlighting the usage of financial intelligence and regulations to disrupt serious money crimes.
The FIC which resorts under the Bank of Namibia (BoN) is mandated to assist the country in the prevention and combatting of money laundering, terrorist or proliferation financing activities in collaboration with Government, law enforcement agencies and regulatory bodies.
Its powers are however limited to the receipt, analysis and dissemination of intelligence products.
In her presentation at the launch here, FIC Director Leonie Dunn indicated that 25 intervention cases were recorded in 2018, with a total value of close to N.dollars 471.9 million.
The number of suspicious transaction reports reported during the 2018/19 financial year was 1 328, a decrease of two per cent from 1 356 in 2017/18.
The banking sector had the most suspicious transaction reports with 972 last year, compared to 1 051 in the 2017/18 financial year.