What is Money Laundering?

The Authority exists to supervise financial institutions and financial services and to
advice the Minister of Finance on matters relating to financial institutional and financial
services in terms of the Namibian Financial institution Supervisory Authority Act No.
3 of 2001.
NAMFISA is the designated Anti Money Laundering (AML) / Combatting the
Financing of Terrorism (CFT) Supervisory body for accountable and reporting
Institutions under its jurisdiction in terms of section 35 of the Financial Intelligence
Act No. 13 of 2012 (herein referred to as the “FIA”) read with the Namibia Financial
Institutions Supervisory Authority Act, 2001 (Act No. 3 of 2001).
In terms of section 35 of FIA, NAMFISA’s role is to supervise, monitor and enforce
compliance with the FIA, regulations, orders, circulars, notices, determinations and
directives issued in terms of the FIA.
NAMFISA exercises jurisdiction only over accountable and reporting institutions
specified in Schedule 1 and 2 of the FIA.
What is money laundering?
Money laundering is the process whereby criminals take the money they make from
their criminal activities and perform one or more transactions with it so that in the end
the criminal origins of that money is concealed.
One way criminals launder money is by using the money earned from illegal activities
to buy things like cars, property, shares or other legitimate business activities like liquor
stores. The criminals then sell those items to get the money back or buy and sell things
many times. This makes it hard for the police to find out where they got the money.
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

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