BoN sharpens up on money laundering

THE Bank of Namibia (BoN), in conjunction with the US Embassy, is holding a one-week workshop to sensitise stakeholders on their roles in combating money laundering and the reporting of suspicious financial transactions.

This marks the central bank’s awareness campaign on money laundering, and how bank officials should handle such issues. Technical training during the workshop will be provided by members of the Office of Technical Assistance (OTA) from the US Department of the Treasury.Money laundering involves the concealing of proceeds of crime that are associated with underlying criminal activities such as drug trafficking, corruption and fraud schemes.The workshop, being attended by representatives of the Financial Intelligence Centre, bankers, members of the Police and Government officials, will also discuss how to curb organised financial crime and corruption.Officially opening the Financial Investigation Training workshop in Windhoek yesterday, BoN Governor Tom Alweendo – in a speech delivered on his behalf by Deputy Governor Paul Hartmann – said it was unfortunate that the proceeds of crime were flowing through the international financial system so as to provide criminals with new capital.Alweendo said it was important to note that illicit financial dealings, like money laundering were no longer confined to the developed world but were also spreading to developing countries across the globe.He said in order to fight financial crime there was need for cooperation between the Government, private sector, law enforcement agencies and the international community.”Although the first line of defence against money laundering will always be to directly combat the criminal activity through firm and effective law enforcement, it is acknowledged that if the flow of money back to the criminal can be cut off, the criminal organisation will wither and die no matter how great the demand for its products or services,” said Alweendo.The workshop comes at a time when Namibia is working on passing the Financial Intelligence Bill, which will focus on combating money laundering and financial terrorism.The workshop will also focus on the proposed legislation and familiarise participants with its contents.The Regional Adviser of the Office of Technical Assistance of the US Embassy, Jerry Rowe, said preventing criminals from using financial institutions was important for the safety and soundness of any economy.OTA’s objective is to assist governments in the prevention, detection, investigation and prosecution of serious financial crime.The OTA is currently involved in similar projects in 15 other African countries, and Rowe said his government’s assistance on these activities normally lasted between two and three years.Technical training during the workshop will be provided by members of the Office of Technical Assistance (OTA) from the US Department of the Treasury.Money laundering involves the concealing of proceeds of crime that are associated with underlying criminal activities such as drug trafficking, corruption and fraud schemes.The workshop, being attended by representatives of the Financial Intelligence Centre, bankers, members of the Police and Government officials, will also discuss how to curb organised financial crime and corruption.Officially opening the Financial Investigation Training workshop in Windhoek yesterday, BoN Governor Tom Alweendo – in a speech delivered on his behalf by Deputy Governor Paul Hartmann – said it was unfortunate that the proceeds of crime were flowing through the international financial system so as to provide criminals with new capital.Alweendo said it was important to note that illicit financial dealings, like money laundering were no longer confined to the developed world but were also spreading to developing countries across the globe.He said in order to fight financial crime there was need for cooperation between the Government, private sector, law enforcement agencies and the international community.”Although the first line of defence against money laundering will always be to directly combat the criminal activity through firm and effective law enforcement, it is acknowledged that if the flow of money back to the criminal can be cut off, the criminal organisation will wither and die no matter how great the demand for its products or services,” said Alweendo.The workshop comes at a time when Namibia is working on passing the Financial Intelligence Bill, which will focus on combating money laundering and financial terrorism.The workshop will also focus on the proposed legislation and familiarise participants with its contents.The Regional Adviser of the Office of Technical Assistance of the US Embassy, Jerry Rowe, said preventing criminals from using financial institutions was important for the safety and soundness of any economy.OTA’s objective is to assist governments in the prevention, detection, investigation and prosecution of serious financial crime.The OTA is currently involved in similar projects in 15 other African countries, and Rowe said his government’s assistance on these activities normally lasted between two and three years.