New Era (Windhoek)

25 April 2014

Namibia: Standard Bank Supports Efforts to Combat Money Laundering

Windhoek — Standard Bank Namibia says it supports local and global efforts to combat money laundering and the financing of terrorist activities.

According to the bank's Manager of Compliance, Amon Ngavetene, money laundering and the financing of terrorism are financial crimes with economic effects, which can threaten the stability of a country's financial sector. Effective anti-money laundering efforts and combating the financing of terrorist activities are essential to protect the integrity of markets, as well as the global financial framework, according to Ngavetene.

"Standard Bank's approach to combating money laundering and the financing of terrorism would involve terminating business relationships or transactions where there appears to be a risk of its services being abused for financial crimes," Ngavetene says. Standard Bank Namibia already has an anti-money laundering policy in place, which sets out the scope and framework within which the bank operates. The implementation of the policy consists of the following programmes: customer acceptance; record-keeping; suspicious and unusual transactions reporting and co-operation with relevant authorities; staff training and awareness, as well as the monitoring of relevant processes and procedures. "Standard Bank Namibia complies with the Financial Intelligence Act 13 of 2012, which aims to prevent money laundering and terrorism financing," says Ngavetene. "We are committed to combating all forms of financial crimes, which abuse banking systems. We fully support the Financial Intelligence Centre, which has the regulatory power to control and eradicate money laundering and terrorist financing," emphasised Ngavetene.

Ads by Google

Copyright © 2014 New Era. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.