Money laundering fight a joint effort – EU

Money laundering, terrorist financing, and the proliferation of illicit financial flows are global challenges that no country can tackle on its own.

This was said by European Union ambassador to Namibia Ana Beatriz Martins at the start of a three-day workshop on money laundering and terrorist financing in Windhoek yesterday.

The workshop was organised by the European Union-funded Anti- Money Laundering and Counter-Terrorist Financing (AML/CTF) Global Facility project, in collaboration with Namibia’ Financial Intelligence Centre.

This is the first technical assistance workshop delivered by the EU project focusing on beneficial ownership (BO), to support Namibian institutions involved in the fight against money laundering and terrorist financing.

“By joining efforts and expertise between Namibian and EU practitioners, we can be more efficient and effective in countering these threats jointly.

We are confident that the coming days of joint work will strengthen Namibia’s AML/CTF response capacity and inch it closer to exiting the Financial Action Task Force’s grey list,” Martins said.

The three day-workshop is aimed at helping Namibian authorities work towards establishing an effective BO framework, as well as strong coordination channels between all stakeholders.

According to a statement issued by EU spokesperson Twaku Kayofa, the workshop will focus on assessing reforms, ongoing initiatives and the key stakeholders involved in BO in the country.

Experts will present the range of BO activities and tools developed by the EU Global Facility and the way they could respond to the needs identified by Namibia to develop a roadmap for the coming months.

Ministry of Industrialisation and Trade executive director Sikongo Haihambo says the workshop comes at the right time to strengthen Namibia’s regulatory framework, while maintaining a business-friendly environment.

“We believe with the right support, Namibia can successfully implement the necessary reforms while minimising any negative impacts on the economy. In this regard, we seek your expertise and guidance in identifying the most effective strategies and priorities,” he says.

The workshop is attended by 30 public and private sector authorities involved in the AML/CFT framework in Namibia, with representatives from the Financial Intelligence Centre, Bank of Namibia and Bankers Association of Namibia.

Also represented is the Business and Intellectual Property Authority, Central Procurement Board of Namibia, Institute of Chartered Accountants of Namibia, Namibia Financial Institutions Supervisory Authority, Namibia Revenue Agency, Namibia Saving and Investment Association, Master of High Court and the Office of the Prosecutor General.
– email: matthew@namibian.com.na