What is money laundering in Namibia?
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What is money laundering in Namibia?
Money Laundering is the process whereby criminals convert the proceeds of crime (such as money, property, shares, etc.) into assets that appear to have a legitimate origin.
What are the laws for money laundering?
India has prohibited money laundering under the Prevention of Money Laundering Act, 2002 (PMLA) and also in the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) (amended in 2001).
Which law criminalises money laundering in Namibia?
The Prevention of Organised Crime Act , Act No. 29 of 2004 (POCA) – this Act criminalizes money laundering in general from a wide range of predicate offences and creates a number of other offences as well.
What is AML and compliance?
Anti-Money Laundering, AML compliance practices focus on performing procedures that discourage and prevent potential violators from engaging in money laundering fraud or crime. In this way, criminals cannot hide the illicit origin of money in any type of transaction.
Is Namibia a sanctioned country?
Sanctions. There are no international sanctions currently in force against this country.
What is the role of namfisa?
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry.
What is the Financial Intelligence Act?
The Financial Intelligence Act, 13 of 2012 (FIA), came into effect 2012 and its aim is to introduce measures to protect the Namibian economy against financial crime, such as money laundering and terrorist financing activities. What is FIA? This is also known as Know Your Client (KYC) information and documentation.
What are the 3 steps in money laundering?
Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: placement, layering and integration.
Who regulates namfisa?
financial services industry
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry.
How do I start a cash loan business in Namibia?
Where and how to start a cash loan business in Namibia
- Plan your business.
- Form a legal entity.
- Register for taxes.
- Open a business bank account & credit card.
- Set up business accounting.
- Obtain necessary permits and licenses.
- Get business insurance.
- Define your brand.
What does Section 4 of Pocdatara Act prohibit?
Section 4 of the POCDATARA Act expressly prohibits any person from dealing with property that is associated with acts of terrorism, with persons or organisations that carry out acts of terrorism or with entities that are sanctioned pursuant to the POCDATARA Act.
What are the consequences of non compliance with the money laundering Legislation?
The restriction or suspension of certain business activities. Financial penalty of up to R10 million for a natural person or up to R50 million for a legal person. For more serious offences, the maximum penalty increases to imprisonment for a period of up to 15 years or a fine of up to R100 million.
What is an example of laundering money?
By purchasing chips with the dirty funds, gambling a small amount, and turning the total chips back in for cash, someone could theoretically claim all of the money as gambling winnings. As a result, banks are often suspicious of these winnings and may suspect you of money laundering.
