Abstract provided by author
The constitution of the Republic of Namibia, which was adopted by the Namibian Parliament in 1990, makes provision in chapter 17, Article 128 for the establishment of a central Bank in the country. A central Bank called the Bank of Namibia was established in accordance with the law, namely the Bank of Namibia Act, No. 8 of 1990. The 1990 Act was amended in 1997 and the Bank of Namibia Act, No. 15 of 1997 was passed
The Act set out the mandate, powers, functions and the role which the bank is expected to play in the economy. Among its duties and functions are the following; - To promote and maintain a sound monetary, credit and financial system in the country. - The stability of the banking sector in order to mobilize savings, to ensure that these are channeled into productive activities which lead to economic growth and development in the country. - The bank is responsible for ensuring that there is a sustainable supply of money in the economy
The constitution further makes provision in chapter 15, Article 115 for the establishment of the police for the maintenance of law and order, and secures the internal security of Namibia. However despite the fact that we have such pieces of legislations and Institutions to protect our Legal tender (Namibian Dollar) and combat organized crime at large, this proves to be difficulty in respect of money laundering
Therefore it is the main aim of this study research to find reasons as to why difficulties continue to be experienced in our jurisdiction, this was done by making comparative legal analysis of the treatment of money laundering here in Namibia and South Africa
The study research reveals that despite the fact that the Namibian parliament is aware of the threat of money laundering, however laws that are aimed to curb it remain unenforceable due to the fact that after passing such laws the date of effect remain unknown, thus money laundering still remains not a criminal offence in Namibia unlike in South Africa were immediately upon passing the law against money laundering the date of effect was determined and presently money laundering is a crime in South Africa and punishable by law
The other aspect that authorities in Namibia have not yet done is public awareness of what money laundering is, unlike South Africa who have organization which are involved in the education and training in aspect of money laundering. The South Africa police force has adequate training in money laundering unlike our national police force. South Africa has undertook research in the trends of money laundering unlike Namibia which has yet to establish research units with regard to criminal trends and typologies.
