FIC
The Financial Intelligence Centre (FIC) is set to become an autonomous agency from the Bank of Namibia (BoN), under which it was previously housed.
This follows the signing into law of the Financial Intelligence Amendment Act, which will allow the law enforcement agency to function and operate independently from the central bank.
The FIC serves as Namibia’s national centre responsible for various functions, including those related to the Financial Intelligence Unit and the prevention and combatting of money laundering, terrorist financing and proliferation financing (ML/TF/PF) activities.
Under the Act, the FIC’s primary responsibility is to uphold the integrity of the Namibian financial system by preventing its misuse for ML/TF/PF activities. By executing this mandate effectively, the FIC contributes to the stability and credibility of the financial system.
Finance ministry spokesperson Wilson Shikoto explained that government’s intention has always been to see the FIC function and operate separately from the central bank. “When the FIC was established in 2006 and 2007, the intention had always been to transition it into an autonomous institution. That transitional plan had always been to ensure and follow a path of building capacity in terms of people, systems and processes. We can now confidently say that the FIC has matured into an autonomous institution while having received support from the government and the BoN,” he said.
Supportive role
The central bank would, however, continue playing a supportive role to the FIC to allow it to effectively carry out its mandate, Shikoto explained.
“The BoN continues to provide administrative support for non-core FIC business.
This includes, for example, human resources management, security, and financial administrative services, among others. This arrangement will allow the FIC to execute its core mandate, fighting money laundering and associated crimes. In addition, having now established the FIC as an autonomous institution, it allows it to comply with international standards and the recently amended Act,” he said.
Space and scope
The FIC’s newfound autonomy would also ensure it is given enough space and scope to execute its mandate, Shikoto said.
“It will continue to build the human resources capacities, systems and processes to confront the scourge of economic crimes and will ensure that the FIC is given sufficient powers to execute its legal mandate.”
Regarding the functioning, oversight and appointment of the FIC board, the responsibility would be conducted within the confines of its enabling legislation, the Act, Shikoto said.
“The Act provides for the appointment of a board of directors; thus the board provides oversight as set out in the law. In addition, the anti-ML/TF/PF council has been retained, and now has a policy advisory function. The membership of the council has been expanded to ensure wider reach in terms of policy development.”
This follows the signing into law of the Financial Intelligence Amendment Act, which will allow the law enforcement agency to function and operate independently from the central bank.
The FIC serves as Namibia’s national centre responsible for various functions, including those related to the Financial Intelligence Unit and the prevention and combatting of money laundering, terrorist financing and proliferation financing (ML/TF/PF) activities.
Under the Act, the FIC’s primary responsibility is to uphold the integrity of the Namibian financial system by preventing its misuse for ML/TF/PF activities. By executing this mandate effectively, the FIC contributes to the stability and credibility of the financial system.
Finance ministry spokesperson Wilson Shikoto explained that government’s intention has always been to see the FIC function and operate separately from the central bank. “When the FIC was established in 2006 and 2007, the intention had always been to transition it into an autonomous institution. That transitional plan had always been to ensure and follow a path of building capacity in terms of people, systems and processes. We can now confidently say that the FIC has matured into an autonomous institution while having received support from the government and the BoN,” he said.
Supportive role
The central bank would, however, continue playing a supportive role to the FIC to allow it to effectively carry out its mandate, Shikoto explained.
“The BoN continues to provide administrative support for non-core FIC business.
This includes, for example, human resources management, security, and financial administrative services, among others. This arrangement will allow the FIC to execute its core mandate, fighting money laundering and associated crimes. In addition, having now established the FIC as an autonomous institution, it allows it to comply with international standards and the recently amended Act,” he said.
Space and scope
The FIC’s newfound autonomy would also ensure it is given enough space and scope to execute its mandate, Shikoto said.
“It will continue to build the human resources capacities, systems and processes to confront the scourge of economic crimes and will ensure that the FIC is given sufficient powers to execute its legal mandate.”
Regarding the functioning, oversight and appointment of the FIC board, the responsibility would be conducted within the confines of its enabling legislation, the Act, Shikoto said.
“The Act provides for the appointment of a board of directors; thus the board provides oversight as set out in the law. In addition, the anti-ML/TF/PF council has been retained, and now has a policy advisory function. The membership of the council has been expanded to ensure wider reach in terms of policy development.”
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