Namibia condemns illicit financial flows from Africa

Namibia condemns illicit financial flows from Africa
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The Namibian Government condemns illicit financial flows from the continent and has expressed grave concern over the billions of dollars leaving Africa and depriving it of its needed development potential.
This was the response by Deputy Prime Minister and Minister of International Relations and Cooperation, Netumbo Nandi-Ndaitwah to a question posed by United Democratic Front (UDF) leader, Apius !Auchab in the National Assembly on Friday.
An annual average of US$73 billion reportedly left Africa between 2000 and 2015.
!Auchab questioned Nandi-Ndaitwah on the mechanisms put in place to advise the government in addressing the challenge of illicit financial outflows reported by the United Nations Economic Commission for Africa (UNECA).
“I wish to remind that this August House passed the Financial Intelligence Act of 2012, which among others seeks to develop a strong legal basis to combat money laundering, financing of terrorism activities and other financial crimes within the borders of Namibia,” noted Nandi-Ndaitwah.
She further highlighted that the Act was also passed to protect the integrity and stability of the financial system, by monitoring and supervising the anti-money laundering and anti-financing of terrorism controls and systems implemented by businesses that are vulnerable to these.
“I may also inform you that the UNECA report was further informed by the Mbeki Commission report that was commissioned by the AU to establish the level of illicit financial flows from Africa.”
Nandi-Ndaitwah stressed that it goes without saying that by enacting this law, the government of Namibia has put measures in place to combat the illicit financial outflows from this country, and any attempt therefore will be dealt with, within the framework of the law.
“The law is being implemented and there are cases before our courts on the subject matter. It is also a fact nowadays when one is depositing money, by law the banks require to know the source of such money,” Nandi-Ndaitwah concluded.