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Money laundering - The Financial Intelligence Act

 

Money laundering is the activity and process of transactions to disguise or conceal the true source and nature of funding; to further eliminate audit and to make the funds appear as if it is legitimate. As part of the Namibian Governments efforts to fight these illegal activities, the Financial Intelligence Act (FIA) was promulgatedand came into full operation during 2009.


Conclusion

It is clear that the authorities are serious about money laundering, and that offenders can expect a harsh penalty, if found guilty of money laundering.

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