FIC to scrutinise unexplained wealth
By: Hertha Ekandjo
The newly formed Financial Intelligence Centre(FIC) council has empowered law enforcement agencies to file cases against individuals with unexplained wealth.
FIC's Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (AML/CFT/CPF) Council has successfully passed a policy advice through parliament enabling Unexplained Wealth Orders Under the Prevention of Organised Crime Act.
FIC director Bryan Eiseb said the order reverses the burden of proof, requiring individuals to justify their wealth.
"If someone cannot explain how they acquire their wealth, then certain remedies kick in," he clarified, adding that the institution aims to hold individuals accountable and ensure that justice prevails.
The council, created under the Financial Intelligence Act of 2012, focuses on advising the government on policies related to anti-money laundering (AML), combating the financing of terrorism (CFT), and proliferation financing (CPF).
It collaborates with government agencies, financial institutions, and industry stakeholders.
The Council is chaired by the Governor of the Bank of Namibia Johannes !Ga- waxab, and includes leaders from key institutions such as the Namibian Police, Anti-Corruption Commission, Namibia Financial Institutions Supervisory Authority (NAMFISA), Namibia Central Intelligence Service, and Namibia Revenue Agency.
Watch on oneafrica.tv, DStv or GOtv at 19h00 on Mondays to Fridays.
#newsonone #topstory #ndtc ##oneafrica