Namibia freezes 5 mln USD in suspected crime proceeds

Windhoek [Namibia], June 21: Namibia's Financial Intelligence Center (FIC) froze suspected criminal proceeds worth 96.9 million Namibian dollars (about 5.4 million U.S. dollars) during the 2024/2025 financial year, according to the agency's annual report released Friday.
The FIC, which serves as the country's national financial intelligence unit, said that the freezing actions were executed under Section 42 of the Financial Intelligence Act, which allows temporary restrictions on funds linked to unlawful activities for up to 18 working days while investigations are conducted.
"Fourteen preservation orders with a value of 79.95 million Namibian dollars were granted during the period under review, alongside five forfeiture orders totaling 5.4 million Namibian dollars," the FIC said.
Cases involved crimes such as fraud, tax evasion, corruption, and trade-based money laundering, it added.
In one case, the FIC supported the preservation of 3.06 million Namibian dollars linked to an affinity fraud targeting a foreign national, while in another, it investigated a cross-border trade company that failed to meet tax obligations exceeding 300 million Namibian dollars, the report said.
The FIC also reported a significant increase in the number of proactive and reactive intelligence reports submitted to competent authorities, including the Namibian Police and the Prosecutor-General's office.
The report comes as Namibia works to address strategic deficiencies after being placed on the Financial Action Task Force grey list in February 2024. The country has committed to remedial actions aimed at improving compliance with international anti-money laundering and counter-terrorism financing standards.
According to the FIC, enforcement activity is expected to intensify in the next year as Namibia works to exit the grey list by May 2026.
Source: Xinhua News Agency