NAMFISA's Role in Combating Money Laundering & Terrorism Financing
NAMFISA is mandated to supervise financial institutions and services, and to advise the Minister of Finance, in accordance with the Namibian Financial Institutions Supervisory Authority Act (Act No. 3 of 2001).
As per section 35 of the Financial Intelligence Act (FIA) No. 13 of 2012, NAMFISA also serves as the designated Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) Supervisory Body for accountable and reporting institutions under its jurisdiction.
NAMFISA is responsible for supervising, monitoring, and enforcing compliance with the FIA and related regulatory instruments. This jurisdiction applies specifically to institutions listed in Schedules 1 and 2 of the FIA.
Penalties for Non-Compliance
Failure to comply with the FIA constitutes a criminal offence. Individuals responsible may face penalties of up to N$100 million in fines, 30 years imprisonment, or both.
Other penalties of non-compliance include:
NAMFISA Complaints Department: (061) 290 5000 (main) or 290 5133 (Ms Marina
K. Ishidhimbwa) or 290 5207 (Ms Hilka Alberto), Fax: (061) 290 5122; for online
complaints email complaints@namfisa.com.na; visit www.namfisa.com.na or visit us
on the: 6th Floor, Alexander Forbes House, 154 Independence Avenue, Windhoek.
* NAMFISA treats all information obtained from the public
with confidentiality.
Issued by:
Phillip N. Shiimi
CHIEF EXECUTIVE OFFICER