Monograph 108 complete download - Institute for Security Studies

Namibia
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• maintain a data base.
In the present framework in terms of which the Bank of Namibia and Namfisa
have distinct spheres of supervisory influence, the task of regulation and control
of money laundering activities may become unco-ordinated, breed attitudes
of professional protectionism and exclusion and stifle co-operation. The
mandate of such a central institution should also be extended to other sectors
of commerce not at present under the jurisdiction of the Bank of Namibia or
Namfisa.
Notes
1 General determinations on fraud and other economic crime, Government
Notice no. 16 of 1999, Government Gazette, 15 January 1999.
2 N$1.00 = ZAR 1.00.
3 Determinations on money laundering and ‘know your customer’ policy,
General Notice no. 121, Government Gazette no. 1899, 29 June 1998.
4 Ibid.
5 Determination on the appointment, duties and responsibilities of directors and
principal officers of banking institutions, General Notice no. 119, Government
Gazette no. 1899, 29 June 1998.
6 Ibid.
7 First National Bank, Bank Windhoek and Commercial Bank of Namibia
8 Namibia Financial Institutions Supervisory Authority Act (Act 3 of 2001),
Section 3.
9 Ibid. Section 1.
10 Article 88 of the Constitution of Namibia, which came into force on 21 March
1990.
11 Republic of Namibia, Government Gazette no 2782, 6 August 2002.
12 Cornelia Cartharina Lewies Familie Trust (Namibia) and Two Others v Chief
Executive Officer (Namfisa) and Twelve Others, High Court of Namibia (supra)
13 Namibia Financial Institutions Supervisory Authority Act (Act 3 of 2001),
Section 9.
14 Interview with Daniel Frank Small, Deputy Prosecutor-General, 18 March
2003.