18 Nov 2024
FIC Introduces AML/CFT/CPF Council and Board of Directors to Enhance Oversight and Compliance
The Financial Intelligence Centre (FIC) has introduced two governance structures aimed at bolstering the country’s fight against money laundering and terrorism financing: the Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (AML/CFT/CPF) Council and the FIC Board of Directors.
Bryan Eiseb, director of the FIC, announced the development in a recent statement, emphasizing the measures as a significant step toward enhancing Namibia’s financial system resilience, transparency, and compliance with global standards.
The AML/CFT/CPF Council, established under the Financial Intelligence Act of 2012, is tasked with advising the government on policies related to anti-money laundering (AML), combating terrorism financing (CFT), and addressing proliferation financing (CPF). It works closely with government agencies, financial institutions, and private sector stakeholders.
The council is chaired by Johannes !Gawaxab, Governor of the Bank of Namibia, and includes senior officials from key institutions such as the Namibian Police, Anti-Corruption Commission, Namibia Financial Institutions Supervisory Authority (NAMFISA), Namibia Central Intelligence Service, and Namibia Revenue Agency. Additional members represent the Prosecutor General’s office, various government ministries, the Bankers Association of Namibia, and the Law Society of Namibia.
The FIC Board of Directors, led by Advocate Charmaine van der Westhuizen, focuses on governance and operational oversight. Its responsibilities include advising on financial management, approving budgets, and overseeing the strategic allocation of resources.
Eiseb underscored the significance of these structures, stating, “The Council’s members include the heads of the Anti-Corruption Commission, Namibian Police, Namibia Financial Institutions Supervisory Authority, Namibia Central Intelligence Service, Namibia Revenue Agency, the Prosecutor General, and Executive Directors from several key ministries.”
He added that the board’s oversight ensures the FIC maintains its independence while effectively implementing measures to combat financial crimes.
Namibia’s progress in addressing financial crime risks has been acknowledged by the Financial Action Task Force (FATF). In October, the FATF noted improvements in risk-based AML supervision, the filing of beneficial ownership information, and the capacity to investigate complex financial crimes. Despite these gains, the country remains on the FATF’s greylist, which identifies jurisdictions with strategic deficiencies in AML/CFT frameworks.
Namibia has partially addressed nine of the 13 recommended actions outlined in its voluntary progress report presented during the FATF plenary in Paris last month. The country was placed on the greylist in February due to gaps in financial oversight.
The creation of these governance structures underscores Namibia’s commitment to addressing financial crime risks and aligning with international compliance standards. Through collaboration with public and private stakeholders, the FIC aims to safeguard the financial system and restore confidence in Namibia’s financial institutions.