Parlaiment of Namibia - Financial Intelligence Act, 2012

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The Parliament of Namibia's Financial Intelligence Centre Act repeals the Financial Intelligence Act, 2007, and provides for the establishment of the Financial Intelligence Centre as the national center responsible for collecting, requesting, receiving and analyzing suspicious transaction reports and suspicious activity reports which may relate to possible money laundering or the financing of terrorism. The act outlines the objects, powers and functions of the Centre and provides for the combating of money laundering and financing of terrorism activities. In addition, the act establishes the Anti-Money Laundering (AML) and Combating of the Financing of Terrorism (CFT) Council, defining its functions. Lastly, the act provides for the registration of accountable and reporting institutions, defines the powers and functions of the supervisory bodies, and empowers the Minister to appoint an appeal board to hear and decide appeals against decisions of the Centre or supervisory bodies.

The act is divided into several parts, and sets forth provisions on the following topics:

1. Financial Intelligence Centre and Its Administration and Staff
2. Anti-Money Laundering and Combating Financing of Terrorism Council
3. Money Laundering and Financing of Terrorism Control Measures
4. Duty to Identify Clients
5. Conduct Ongoing and Enhanced Due Diligence
6. Keep Records and Report Suspicious Transactions and Suspicious Activities
7. Compliance and Enforcement of Act
8. Offenses and Penalties

Document Details

Document Type: 
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Year of Document: 
2012
Date of Document: 
Friday, December 14, 2012
Document Authors: 
Parliament of Namibia
Language (This Document): 
English

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