Namibia freezes 5 mln USD in suspected crime proceeds

21/6/2025 7:56

Namibia's Financial Intelligence Center (FIC) froze suspected criminal proceeds worth 96.9 million Namibian dollars (about 5.4 million U.S. dollars) during the 2024/2025 financial year, according to the agency's annual report released Friday.



The FIC, which serves as the country's national financial intelligence unit, said that the freezing actions were executed under Section 42 of the Financial Intelligence Act, which allows temporary restrictions on funds linked to unlawful activities for up to 18 working days while investigations are conducted.



"Fourteen preservation orders with a value of 79.95 million Namibian dollars were granted during the period under review, alongside five forfeiture orders totaling 5.4 million Namibian dollars," the FIC said.



Cases involved crimes such as fraud, tax evasion, corruption, and trade-based money laundering, it added.