The Financial Intelligence Centre (FIC) has frozen N$96.6 million suspected to be proceeds of unlawful activities during the 2024/25 financial year, according to its latest annual report.
The FIC said its efforts over the past year not only disrupted potential financial crimes but also contributed N$79.95 million towards funds preserved under the authority of the High Court of Namibia.
During the period under review, the FIC supported 148 criminal investigations and issued 852 administrative actions, the highest recorded to date.
The Centre also reported a sharp increase in compliance checks, with on-site assessments rising by 729% and off-site assessments up by 297% among designated non-financial businesses and professions.
The FIC’s annual report highlighted the organisation’s transition to full operational independence in the 2024/25 period, following amendments to the Financial Intelligence Act.
Governance now rests with a newly appointed Board, which developed and launched the Centre’s first independent three-year corporate strategy.
However, the year also presented significant challenges. Namibia was added to the Financial Action Task Force’s (FATF) grey list in February 2024 due to shortcomings in its anti-money laundering and counter-terrorism financing systems.
The FIC said it is now leading efforts to address these gaps.
“These two events predominantly shaped the review period, as the FIC found itself oscillating between coordinating the FATF Action Plan to ensure the remediation of strategic deficiencies and metamorphosing into an autonomous financial intelligence unit,” FIC Director Bryan Eiseb said.
The Centre reported that 25% of the FATF-identified deficiencies have already been addressed, with a deadline of May 2026 to meet full compliance under the action plan.
On the international front, the FIC assumed leadership positions within the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and signed cooperation agreements with the financial intelligence units of Madagascar and Eswatini to strengthen cross-border financial crime investigations.
The FIC said Namibia received upgrades on 16 recommendations in its Mutual Evaluation Report, reflecting improvements in the country’s legal and regulatory systems.
The Centre also adjusted its approach to financial inclusion, raising the minimum customer due diligence threshold from N$5,000 to N$10,000 in line with FATF’s risk-based guidelines.
“This annual report is more than an account of what we’ve done; it’s a reflection of our shared responsibility to secure Namibia’s financial system.We are merely the coordinating vehicle, but it is the collective effort of all stakeholders—public, private, and civil society—that drives impact ,” said Eiseb.
The FIC said it would continue to work with all sectors to strengthen the country’s defences against financial crime and improve technical compliance.
