We are not that powerful u2013 FIC
We are not that powerful u2013 FIC

We are not that powerful – FIC

The Financial Intelligence Centre has denied that it has the power to conduct criminal investigations into money-laundering.
Herma Prinsloo
OGONE TLHAGE

WINDHOEK

Namibia’s money-laundering watchdog, the Financial Intelligence Centre, says it does not have powers to arrest, charge and prosecute people or entities tied to financial crimes.

The centre flagged approximately N$10 billion in dubious financial flows at the launch of its annual report in 2020.

Questions have since been asked as to how all these transactions could have gone unnoticed by the country’s reserve bank and its intelligence arm.

Lawyer Eben de Klerk last week remarked that the FIC should not be allowed to pass the buck after flagging dubious money transfers, but should investigate any possible incidences of money laundering.

De Klerk was commenting on the role the centre should play when coming across large money transfers.

“The FIC would like to put it correctly that it does not have criminal investigative powers, evidence collection powers, arrest and search and seizures powers to fulfil said objectives, as these powers are vested in the law enforcement agencies,” the FIC said in response.

The FIC reiterated that it does have powers to collect, request and analyse suspicious transactions.

De Klerk, responding to a query by Namibian Sun last week, said the FIC’s founding Act actually grants it greater powers than the police and the Anti-Corruption Commission.

“The FIC has extensive investigative powers under sections 9 and 61 of the Financial Intelligence Act, even more than the Namibian Police.

“Penalties for obstructing FIC investigators are enormous, which again provides the FIC far greater protection to conduct investigations than the police enjoy,” De Klerk said.

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Namibian Sun 2024-03-28

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 198.29/OZ UP +0.34% | Copper US$ 3.97/lb DOWN -0.0031 | Zinc US$ 2 440.90/T DOWN -0.64% | Brent Crude Oil US$ 86.57/BBP UP +0.21% | Platinum US$ 895.17/OZ UP +0.03% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 24 | EUR to NAD 20.57 | CNY to NAD 2.64 | USD to NAD 19.1 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.49 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.29 | USD to KES 131.48 | USD to NGN 1415.13 | USD to ZAR 19.1 | USD to ZMW 24.97 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 198.29/OZ UP +0.34% | Copper US$ 3.97/lb DOWN -0.0031 | Zinc US$ 2 440.90/T DOWN -0.64% | Brent Crude Oil US$ 86.57/BBP UP +0.21% | Platinum US$ 895.17/OZ UP +0.03%