Namibian banks are stepping up efforts to combat financial crime as the country strengthens its anti-money laundering and fraud prevention systems. The latest figures from the Financial Intelligence Centre show that closer cooperation between banks, regulators and law enforcement is producing tangible results.

According to the Financial Intelligence Centre, nearly N$96.6 million linked to suspected illicit activities was frozen during the last financial year, while information generated through the financial system helped support 148 criminal prosecutions.

The Bankers Association of Namibia (BAN) CEO, Dantagos Jimmy, says that these outcomes demonstrate the growing effectiveness of intelligence-sharing between banks, the Financial Intelligence Centre and the Bank of Namibia.

The Bankers Association warns that cybercrime, money mule accounts, increasingly sophisticated cross-border financial transactions and risks associated with digital financial platforms are emerging challenges that require ongoing investment in technology and stronger partnerships between financial institutions, regulators and law enforcement agencies.