STAFF WRITER
Finance Minister Erica Shafudah says Namibia is working tirelessly to protect the financial systems from being accessed dirty money.
She was speaking at the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Conference hosted by the Financial Intelligence Centre (FIC).
The conference brought together policymakers, regulators, law enforcement agencies, prosecutors, financial institutions, non-financial businesses and professions, academia, professional bodies, regional guests such as the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Secretariat, representation from the South African Anti-Money Laundering Integrated Task Force (SAMLIT) and the University of Johannesburg.
Shafudah said efforts must be invested in protecting the economy while allowing legitimate economic activity to flourish.
“We must protect the integrity of the financial system while ensuring that our AML/CFT controls do not become unintended barriers to financial inclusion. We must regulate effectively without imposing controls upon our regulated populace that are disconnected from actual ML/TF risks. We must remain capable of adapting and pivoting as those risks evolve,” she said.
She said technology must also serve a clear purpose. It should help us identify ML/TF risks early, analyse big data, streamline processes and procedures and enhance efficiencies to drive greater impact.
“Digital payments are expanding; virtual assets continue to evolve, and new technologies are changing financial services, creating opportunities for economic
growth. However, those same developments also create new opportunities for
criminal abuse.Our response therefore cannot remain static while the money laundering risk environment evolves,” she said.
She said Namibia’s engagement with Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the Financial Action Task Force (FATF) and other international partners provides the country with opportunities to benchmark, contribute and remain connected to developments shaping the international AML/CFT/CPF framework.
Speaking at the same event Director of the Anti Corruption Commission (ACC) Bryan Eiseb said Namibia’s successful exit from the FATF Grey List demonstrated
something far greater than compliance.
“ It demonstrated what becomes possible when a nation moves with one purpose.
The lesson is clear: The conversations that strengthen our AML/CFT/CPF framework should not begin when external pressure arrives, nor should they end upon completion with an Action Plan or the delisting of our Country; we must prepare for war during peacetime,” he said.
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