Monograph 108 complete download - Institute for Security Studies

Namibia
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the banks would be duty bound to comply with any order issued by a Namibian
court pursuant to a foreign request. These measures can be used to freeze and
confiscate terrorist property.
Existing formal and informal arrangements, even in the absence of a specific
anti-money laundering and anti-terrorist funding legislation, make it possible
for the banking sector to co-operate with law enforcement agencies in tracing
the proceeds of crime that may be directed to terrorist funding, if such proceeds
are brought to the attention of the banking institutions. Such arrangements
also make it possible for financial institutions within the banking sector to comply
with any request for information or evidentiary material and for the freezing of
questionable funds and assets of individuals suspected of involvement with
terrorist groups.
The non-bank financial services sector would also be in a position to co-operate
when called upon to do so because it has an interest in protecting the integrity
and reputation of the sector, as to do otherwise would discourage the attraction
of investment in an increasingly competitive global village.
However, it is conceded that the current situation is not ideal as it entails
reliance on the goodwill of the financial services sector in the absence of clearly
laid down statutory provisions.
International obligations
Namibia is a member of the Community of Nations. Article 144 of the Namibian
Constitution reads:
Unless otherwise provided by this Constitution or Act of Parliament,
the general rules of public international law and international
agreements binding upon Namibia under this Constitution shall form
part of the law of Namibia.
Namibia is a signatory to the International Convention for the Suppression of
the Financing of Terrorism (1999), having signed it on 10 November 2001.
It is bound by the provisions of Security Council Resolution 1373 of 28
September 2001. It is significant to note that Namibia signed the Convention
shortly after the tragic events of September 11, 2001. This is in itself an indication
that the country fully appreciates and accepts its international obligations. In
keeping with these obligations Namibia is in the process of preparing domestic