Keypoints:
- FIC froze nearly N$97m linked to financial crimes
- Grey listing spurred stronger AML enforcement
- Namibia aims to exit FATF grey list by May 2026
NAMIBIA’S Financial Intelligence Centre (FIC) froze N$96.9 million ($5.4 million) in suspected proceeds of crime during the 2024/2025 financial year, as the country accelerates enforcement efforts following its grey listing by the Financial Action Task Force (FATF).
The figures were revealed in the FIC’s annual report released on Friday. The Centre exercised its powers under Section 42 of the Financial Intelligence Act, which allows authorities to impose temporary freezes on suspected criminal funds for up to 18 working days during investigations.
Court orders target illicit transactions
According to the report, the FIC secured 14 preservation orders valued at N$79.95 million and five forfeiture orders totalling N$5.4 million. These actions targeted funds allegedly tied to fraud, tax evasion, corruption, and trade-based money laundering.
In one case, the Centre supported the preservation of N$3.06 million linked to an affinity fraud scheme targeting a foreign national. Another investigation uncovered a cross-border trade company that evaded taxes amounting to over N$300 million.
Law enforcement receives more intel
The FIC also reported a marked increase in both proactive and reactive intelligence reports shared with competent national authorities, including the Namibian Police and the Office of the Prosecutor-General.
This rise in intelligence activity, according to the report, reflects enhanced cooperation between financial institutions and law enforcement agencies, particularly on cases involving transnational crime networks.
FATF grey list drives compliance reforms
Namibia was placed on the FATF grey list in February 2024, a move that flagged the country for strategic weaknesses in its anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
In response, Namibia has launched a national action plan to address FATF’s concerns. These reforms include capacity building, stronger asset tracing, regulatory tightening, and faster prosecutions.
The FIC anticipates heightened enforcement activity through 2025 and 2026, as Namibia works to implement these reforms and exit the grey list by May 2026.
