Assets of the Criminal Assets Recovery Fund (CARF) increased to N$75 million in the year ended 31 March 2024, up from N$61.6 million in the previous year, according to Auditor-General Junias Etuna Kandjeke’s latest report.
He attributed the growth to retained earnings and the strong performance of current accounts.
CARF, established under the Prevention of Organised Crime Act 29 of 2004 (POCA), administers assets seized from criminal activities. According to Kandjeke, the fund’s role includes allocating money to reward whistleblowers who assist in prosecuting offenders and supporting initiatives aimed at preventing crime.
The Auditor-General confirmed that the fund posted a net income of N$13.4 million during the year under review.
Financial statements showed revenue of N$15.3 million and expenses of N$1.9 million, leaving the fund with a surplus.
In his audit report, Kandjeke issued an unqualified opinion, stating that the financial statements were fairly presented and complied with the requirements of the Prevention of Organised Crime Act of 2004, the State Finance Act of 1991, and the Public Procurement Act of 2015.
He added that the accounts were submitted on time, in line with Treasury regulations.
“Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of the audit of the financial statements as a whole and in forming the audit opinion thereon, and I do not provide a separate audit opinion on these matters,” Kandjeke said.
The Auditor-General stressed the importance of continued adherence to financial laws and effective internal controls to ensure accountability and transparency in the management of recovered criminal assets.
