Financial Intelligence Act

Link to law: http://www.parliament.na/index.php?option=com_phocadownload&view=category&download=420:financial-intelligence-act&id=92:acts-of-2012&Itemid=1269

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
GOVERNMENT GAZETTE OF THE

REPUBLIC OF NAMIBIA N$27.20 WINDHOEK - 14 December 2012 No. 5096

CONTENTS Page

GOVERNMENT NOTICE

No.299 Promulgation of Financial Intelligence Act, 2012 (Act No. 13 of 2012). of the Parliament .

Government Notice

OFFICE OF THE PRIME MINISTER

No. 299 2012

PROMULGATION OF ACT OF PARLIAMENT

The following Act which has been passed by the Parliament and signed by the President in terms of the Namibian Constitution is hereby published in terms of Article 56 of that Constitution.

No. J3 of2012: Financial Intelligence Act, 2012.

2 Government Gazette 14 December 2012 5096

Act No. 13, 2012 FINANCIAL INTELLIGENCE ACT,2012

ACT To to provide for the establishment of the Financial Intelligence Centre

as the national centre responsible for collecting, requesting, receiving and analysing suspicious transaction reports and suspicious activity reports which may relate to possible money laundering or the financing of terrorism; to provide for the objects, powers and functions of the Centre; to provide for the combating of money laundering and financing of terrorism activities; to provide for the establishment of the Anti-Money Laundering and Combating of the Financing of Terrorism Council, and for its functions; to provide for the registration of accountable and reporting institutions; to provide for the powers and functions of the supervisory bodies; to empower the Minister to appoint an appeal board to hear and decide appeals against decisions of the Centre or supervisory bodies; and to provide for incidental matters.

(Signed by the President on 5 December 2012)

ARRANGEMENTOF SECTIONS

PART I PRELIMINARYPROVISIONS

Section

I. Definitions 2. Application of Act to accountable and reporting institutions 3. Application of Act to supervisory and regulatory bodies 4. Application of Act to Registrar of Companies and Close Corporations 5. Application of Act to Master of High Court 6. Application of Act when in conflict with other laws

PART2 FINANCIAL INTELLIGENCECENTREAND ITS

ADMINISTRATIONAND STAFF

7. Establishment of Financial Intelligence Centre 8. Objects of Centre 9. Powers and functions of Centre 10. Administrative powers of Centre 11. Appointment and removal of Director 12. Responsibilities of Director 13. Staff of Centre 14. Funds of Centre 15. Audit 16. Delegation

PART3 ANTI-MONEYLAUNDERINGANDCOMBATING

FINANCINGOF TERRORISMCOUNCIL

17. Establishment of Council 18. Constitution, conditions of office and vacation of office

5096 Government Gazette 14 December 2012 3

Act No. 13, 2012 FINANCIAL INTELLIGENCE ACT, 2012

19. Powers and functions of Council 20. Meetings and procedures

PART 4 MONEY LAUNDERING AND FINANCING OF TERRORISM CONTROL MEASURES, DUTY TO IDENTIFY CLIENTS, CONDUCT ONGOING AND

ENHANCED DUE DILIGENCE. KEEP RECORDS AND REPORT SUSPICIOUS TRANSACTIONS AND SUSPICIOUS ACTIVITIES

21. Identification when business relationship is established or single transaction is concluded

22. Identification when transaction is concluded in the course of business relationship

23. Risk clients 24. On-going and enhanced due diligence 25. Identification and account-opening for cross-border correspondent banking

relationships 26. Records to be kept of business relationships and transactions 27. Period for which records must be kept 28. Central isation of records 29. Records may be kept by third parties 30. Admissibility of records 31. Centre has access to records 32. Cash transactions above prescribed limits 33. Suspicious transactions and suspicious activities 34. Electronic transfers of money to, from and within Namibia 35. Obligations of and reporting by supervisory bodies 36. Declaration of cross border movement of cash and bearer negotiable instruments

amounting to or exceeding an amount determined by the Centre 37. Powers of officers of Customs and Excise and Post Office in respect of cash and

bearer negotiable instruments being conveyed into or out of Namibia 38. Making declarations on cash and bearer negotiable instruments available to the

Centre 39. Obligations by accountable and reporting institutions 40. Reporting procedures 41. Continuation of suspicious transactions 42. Intervention by Centre 43. Monitoring orders 44. Reporting duty not affected by confidentiality rules 45. Protection of persons making reports 46. Tipping off 47. Admissibility as evidence of reports made to Centre 48. Access to information held by Centre 49. Protection of confidential information 50. Protection of informers and information

PART 5 COMPLIANCE AND ENFORCEMENT OF ACT

51. Exhausting of other measures before penalties 52. Appointment of inspectors 53. Inspections 54. Directives

4 Government Gazette 14 December 2012 5096

Act No. 13, 2012 FINANCIAL INTELLIGENCE ACT,2012

55. Enforceableundertakingsandenforcement 56. Administrative sanctions 57. Appeal board 58. Appeals 59. Referral of suspected offences to competent authorities or Prosecutor-General 60. Application to court 61 . Powers of authorised officers 62. Release of property, record. report or document seized

PART 6 OFFENCES AND PENALTIES

63. Offences in general 64. Jurisdiction of magistrates courts in respect of offences 65. Offences committed by person acting in official capacity

PART 7 MISCELLANEOUS

66. Act not to limit powers of investigation authorities 67. Regulations 68. Indemnity 69. Service of notices 70. Exemptions 71. Documents tracking 72. Repeal of laws 73. Transitional provisions and savings 74. Short title and commencement

SCHEDULE I Accountable Institutions SCHEDULE 2 Supervisory Bodies SCHEDULE 3 Reporting Institutions SCHEDULE 4 Regulatory Bodies

BE IT ENACTED as passed by the Parliament, and assented to by the President. of the Republic of Namibia. as follows:

PART I PRELIMINARY PROVISIO S

Definitions

1. (I) In this Act. unless the context indicates otherwise-

"accountable institution" means a person or institution referred to in Schedule I, including branches, associates or subsidiaries outside of that person or institution and a person employed or contracted by such person or institution;

"authorised officer" means any member of -