Regulatory Alerts2017-03-28
Added · Updated
Financial Intelligence Act 13 of 2012
The Parliament of Namibia promulgated the Financial Intelligence Act 13 of 2012 to establish the Financial Intelligence Centre as the national authority for collecting, analyzing, and acting on suspicious transaction and activity reports related to money laundering and terrorist financing. The legislation mandates accountable and reporting institutions to implement client identification, ongoing due diligence, record-keeping, and suspicious transaction reporting while subjecting them to supervisory oversight and enforcement mechanisms. It further establishes the Anti-Money Laundering and Combating of Financing of Terrorism Council, defines regulatory powers, imposes compliance obligations on companies and trusts, and outlines penalties, appeals, and transitional provisions.