Namibia closed 170 suspicious accounts in 2014

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Namibia closed 170 suspicious accounts and stopped suspicious transactions amounting to 329 million Namibian dollars (27 million U.S. dollars) in 2014.

banks hall
banks hall

In its annual report for 2014, the Bank of Namibia said 56 accounts were handed over to the international and local law enforcement agents for verification.
The bank suspected that the closed accounts were being used to launder money and fund terrorism.
The interceptions, according to the report, were mostly the work of the Financial Intelligence Center, which monitors transactions with a view to preserve and forfeit proceeds of crime in terms of the Prevention of Organized Crime Act.
“The said spontaneous disclosures and responses to requests for Information identified potential proceeds of crime amounting to 329 million Namibian dollars (27 million U.S. dollars). However, the identified potential proceeds of crime are still subject to investigations by law enforcement agencies,” the report said.
About 300 reports were handed over to the reserve bank by financial service providers, while 78 came from money remitters, with insurance companies giving in 17 reports.
More reports were made by members of the public, asset managers, supervisory authorities, legal practitioners, government ministries, motor vehicle dealers, casino and gambling houses and law enforcement agencies.
Last year, the Financial Intelligence Centre intercepted about 8.7 million Namibian dollars (716,000 U.S. dollars) suspected to have been proceeds of crime.
It also contributed to successful preservation applications in at least four High Court cases involving 2.3 million Namibian dollars (190,000 U.S. dollars) in crime proceeds last year. Enditem

Source: Xinhua

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