The operationalisation of Namibia’s public-private partnership, public-public partnership and integrated investigative task forces resulted in the Financial Intelligence Centre (FIC) playing a key role in identifying and tracing millions of bank transactions totaling some N$15 billion. According to FIC 2019/2020 annual report, the case outcomes by integrated investigative task forces resulted in various arrests on fraud, theft, corrupt activities, tax offenses, tax assessments and collection of taxes due to government running into millions of Namibia dollars.
The report further stated that a key obligation imposed on the Financial Intelligence Act (FIA) regulated populace is the collection and reporting of suspicious transactions and activity reports to the FIC.
In particular, the act provides that domestic and international electronic funds transfers above respective threshold amounts (accountable institutions must report the details of a payment instruction to or from a foreign country as well as nationally, to transfer money or value) must be reported to FIC.
Also, large cash transaction threshold reports, reporting of all cash transaction reports exceeding N$100 000, and cross border movement of cash and bearer negotiable instrument threshold reports, travellers must declare the import or export of all cash, regardless of currency, equivalent to N$100 000 and above.
Furthermore, between 1 April 2019 and 31 March 2020, the FIC received a total of 89 594 FIA reporting types. The reports received by FIC shows a decline in the suspicious activity and transaction categories in comparison to the 2018/19 financial year.
“This is as a result of FIC’s consistent and continuous capacity building, supervision and monitoring interventions into the quality of reporting to the FIC by the FIA regulated populace,” reads the report.
In turn, FIC using available capacity disseminated a total of 344 intelligence products to domestic and international stakeholders, with a total value of potential proceeds of crime amounting to N$17 billion.
It further reported that the potential proceeds of crime so identified are under investigation by law enforcement authorities and other identified FIA competent authorities.