December 14 2015
FIRST National Bank of Namibia has been implicated in a money laundering investigation involving N$74 million that was channeled in and out of the country.
The Namibian has learnt that the country’s biggest commercial bank failed to adhere to strict anti-money laundering regulations when it allowed the N$74 million in question to be channeled through it.
Authorities are investigating an elaborate scheme where a non-existent person used a fake passport to register two businesses (close corporations) and several bank accounts that were then used to move the money.
The Financial Intelligence Centre (FIC) flagged the transactions in June last year and then reported the matter to the police to take a closer look.
Law enforcement agencies investigating the case believe that the money was destined to fund terrorism activities linked to Hizbollah and the broader Middle East.