FIC reports transactions worth nearly N $ 14 billion
The Bank of Namibia’s Financial Intelligence Center (FIC) said yesterday that in fiscal year 2020/21, it received 1,585 suspicious transaction reports and 177 suspicious activity.
Transactions marked with a red flag have been reported by responsible and reporting institutions, internally generated reports and members of the public.
This means a 35% increase in reports, compared to fiscal year 2019/20.
The FIC said it has released a total of 435 intelligence disclosures to national and international stakeholders.
The transactions analyzed were valued at N $ 13.8 billion, some of which are still under investigation by law enforcement and other relevant authorities.
The President of the Council for Combating Money Laundering and the Fight against the Financing of Terrorism and Proliferation, Johannes! Gawaxab, admitted during the publication of the FIC annual report yesterday that the responsible and reporting institutions, the national partners of the FIC and other stakeholders have encountered operational challenges due to Covid-19.
However, he noted that their ability to engage the FIC was not significantly impaired, as evidenced by the solid output via the reports created within the ecosystem.
“Suspicious Transaction Reports (STRs) increased by 36% and Suspicious Activity Reports (SARs) from financial institutions decreased by 15.8%, while an increase in such reports from the general public was observed “, quantified! Gawaxab.
The report further states that during the year under review, the FIC issued 435 intelligence disclosures (including both spontaneous disclosures and responses to requests from domestic and foreign law enforcement and foreign financial intelligence units. ), which represents an increase of 26% compared to 2019/2020.
In his analyzed transactions, he reported the issuance of 16 FIC Article 42 interventions (involving 20 accounts) worth N $ 5 million, indicating the proceeds of criminal activity, fraud and money laundering. money convictions of 11 foreign nationals and one Namibian, of which approximately 24 million Namibian dollars has been secured for state coffers.
Other analyzes included the successful preservation of N $ 17 million in cash and eight vehicles worth over N $ 2 million in cases related to fraud, theft and money laundering. In addition, some N $ 600 million in assets have been provisionally stranded in high profile corruption, fraud and money laundering cases.
Previously unreported tax contributions and taxes recovered amounted to N $ 1.1 billion and N $ 74.2 million, respectively, covering the period from 2014 to FY2021.
“A wildlife crime (illegal wildlife trade) case in which a Namibian was fined N $ 500,000 or two years in jail, as well as the confiscation of two luxury vehicles , was also concluded by the FIC.
In addition, employee fraud against a government institution resulted in the confiscation of three motor vehicles and two houses valued at N $ 890,000 and N $ 1.5 million, respectively. “These properties were confiscated for the benefit of the affected institution,” the report read.
In addition, the transactions analyzed for the period involved the confiscation of N $ 204,000 in cash and two real estate (apartments) valued at approximately N $ 2 million related to illegal foreign exchange exchanges. The FIC ensured that N $ 3 million was kept in a bank account pending an appeal to the Supreme Court. An initial N $ 1.7 fraud and theft investigation, in which two Namibian people were arrested, was expanded when the FIC identified additional fraudulent transactions valued at over N $ 11.6 million .
Finally, a positive amount of N $ 244,000 was identified through the Organized Crime Prevention Act and was seized by Namibian police. –[email protected]