MUTUAL EVALUATIONS

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MUTUAL EVALUATION REPORT FOR THE REPUBLIC OF NAMIBIA

The ESAAMLG Council of Ministers approved and adopted the mutual evaluation report for Namibia.  The report was prepared by the World Bank under the Financial Sector Assessment Programme. Before its approval by the Council of Ministers, the report was considered and adopted in the ESAAMLG Task Force of Senior Officials meeting.

The major findings of the report include:-

• Namibia has enacted the Prevention of Organised Crime Act (POCA) which criminalises money laundering.
• A Financial Intelligence Bill and an Anti-Terrorism Activities Bill are being drafted.
• In the absence of a formal AML/CFT framework, the Bank of Namibia has issued general AML related determinations and circulars to banking institutions falling under its supervision.  South African banks and larger insurance companies operating in Namibia have adopted home office AML/CFT policies.

The report also identifies areas of deficiencies in the Namibian AML/CFT framework. It makes comprehensive recommendations on actions that Namibia needs to take in the short and medium terms to strengthen its AML/CFT system to comply over time with international standards.

ESAAMLG Secretariat
11 February 2008

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 Posted:  09, Jan 17

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