Bank of Namibia 71 Robert Mugabe Avenue PO Box 2882, Windhoek, Namibia Tel +264-61-2835130 Fax +264-61-229874

Office of the Governor

BANK OF NAMIBIA

BANKING INSTITUTIONS ACT

CIRCULAR – BIA 6/99

TO: ALL BANKING INSTITUTIONS
DATE: 1 DECEMBER 1999

REPORTING OF SUSPICIOUS TRANSACTIONS

Section 50 of the Banking Institutions Act (“The Act”) read in conjunction with the Determinations on Money Laundering and “Know Your Customer Policy”, prescribes the procedures concerning the reporting by banking institutions of money transactions of which it becomes aware which indicates or raises the suspicion that the person conducting the transaction may be involved in an illegal activity.

Having regard to the above, the attention of banking institutions is drawn to the provisions of article 19 of Resolution 864 (1993), of the Security Council of the United Nations, a copy of which is herewith annexed. The resolution concerns proposed sanctions against UNITA and was adopted by the Security Council at its 3277th meeting, on 15 September 1993.

Article 19 thereof reads as follows:

“With a view to prohibiting all sale or supply to UNITA of arms and related material and military assistance, as well as petroleum and petroleum products, all States shall prevent the sale or supply, by their nationals or from their territories or using their flag vessel or aircraft, of arms and related material of all types, including weapons and ammunition, military vehicles and equipment and spare parts for the afore-mentioned, as well as of petroleum and petroleum products, whether or not originating in their territory, to the territory of Angola other than named points of entry on a list to be supplied by the Government of Angola to the Secretary General who shall promptly notify the Member States of the United Nations”.

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The above-mentioned resolution forms part of our domestic law and any breach thereof would constitute an illegal activity.

Banking institutions are thus requested to report any transaction, irrespective of the amount involved, which might fall within the ambit of article 19 of the said resolution.

Two additional copies of this Circular are enclosed for the use of your institution’s independent auditors. The attached “Acknowledgement of Receipt” duly completed and co-signed by the said auditors, should be returned to this Office at your earliest convenience.

L S IPANGELWA
DEPUTY GOVERNOR