{"id":1354,"date":"2017-03-30T10:25:19","date_gmt":"2017-03-30T08:25:19","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=right_responsibility&p=1354"},"modified":"2025-07-16T11:34:08","modified_gmt":"2025-07-16T09:34:08","slug":"what-is-money-laundering","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/what-is-money-laundering\/","title":{"rendered":"What is Money Laundering?"},"content":{"rendered":"\t\t
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NAMFISA's Role in Fighting Money Laundering<\/h3>Money laundering is when criminals disguise the origins of illegally earned money by channeling it through legitimate purchases like cars, property, or businesses making it difficult to trace.<\/span><\/span><\/div>
NAMFISA is mandated to supervise financial institutions and advise the Minister of Finance, as outlined in the NAMFISA Act No. 3 of 2001. In addition, under Section 35 of the Financial Intelligence Act (FIA) No. 13 of 2012, NAMFISA serves as the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) supervisor for accountable and reporting institutions within its jurisdiction.\n

\n\nNAMFISA is the designated Anti Money Laundering (AML) \/ Combatting the\nFinancing of Terrorism (CFT) Supervisory body for accountable and reporting\nInstitutions under its jurisdiction in terms of section 35 of the Financial Intelligence\nAct No. 13 of 2012 (herein referred to as the \u201cFIA\u201d) read with the Namibia Financial\nInstitutions Supervisory Authority Act, 2001 (Act No. 3 of 2001).\nIn terms of section 35 of FIA, NAMFISA\u2019s role is to supervise, monitor and enforce\ncompliance with the FIA, regulations, orders, circulars, notices, determinations and\ndirectives issued in terms of the FIA.\nNAMFISA exercises jurisdiction only over accountable and reporting institutions\nspecified in Schedule 1 and 2 of the FIA.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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<\/h3><\/div>
Money laundering is the process whereby criminals take the money they make from\ntheir criminal activities and perform one or more transactions with it so that in the end\nthe criminal origins of that money is concealed.\nOne way criminals launder money is by using the money earned from illegal activities\nto buy things like cars, property, shares or other legitimate business activities like liquor\nstores. The criminals then sell those items to get the money back or buy and sell things\nmany times. This makes it hard for the police to find out where they got the money.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What Does NAMFISA Do?<\/h5><\/div>
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  • <\/span>Supervises and monitors compliance with the FIA and related regulations<\/li>
  • <\/span>Enforces AML\/CFT laws for entities listed in Schedules 1 and 2 of the FIA<\/li>
  • <\/span>Provides oversight through directives, notices, and other official instruments<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/h3><\/span><\/div>
    If you have concerns or wish to file a complaint, contact NAMFISA:\n\n (061) 290 5000 (main) or 290 5133 (Ms Marina\nK. Ishidhimbwa) or 290 5207 (Ms Hilka Alberto), Fax: (061) 290 5122; for online\ncomplaints email complaints@namfisa.com.na; visit www.namfisa.com.na or visit us\non the: 6th Floor, Alexander Forbes House, 154 Independence Avenue, Windhoek.\n* NAMFISA treats all information obtained from the public\nwith confidentiality.\nIssued by:\nPhillip N. Shiimi\nCHIEF EXECUTIVE OFFICER<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    NAMFISA's Role in Fighting Money Laundering Money laundering is when criminals disguise the origins of illegally earned money by channeling it through legitimate purchases like cars, property, or businesses making<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[425],"tags":[],"class_list":["post-1354","post","type-post","status-publish","format-standard","hentry","category-rights-and-responsibilities"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1354"}],"version-history":[{"count":12,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1354\/revisions"}],"predecessor-version":[{"id":35449,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1354\/revisions\/35449"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}