The effectiveness of the provisions of the Namfisa Act and the financial intelligence Act in seeking to combat fraud in banking transactions

Abstract

Abstract provided by author

This paper is premised upon the preposition of examining banking fraud in Namibia and making a detailed analysis on how effective the current legislation is in curbing banking fraud. It focuses on the different statutes, mainly the Financial Intelligence Act (herein referred to as FIA) and the Namibian Financial Supervisory Act (herein referred to as NAMFISA). These Acts are in place with regard to Banking Fraud in Namibia, but more especially it looks at how effective the legislation is and what measures the government needs to put in place in order to be on track with international obligations with regard to fighting Banking Fraud. Since Namibia is part of the global community it is not only required to fight Banking Fraud at national level or domestic level but also at international level in order to have sound investment policies. In order to succeed on combating fraud in banking transactions, Namibia needs to have the mechanisms such as institutions and legislation to deal with such crimes. The paper thus advocates stronger enforcement of current laws to reduce and prevent banking fraud. Certainly anyone involved in the banking transactions is interested in the subject of fraud and the many ways in which parties to a transaction can "cook the deal". The other aspect is that authorities in Namibia have not yet done public awareness of what banking fraud is, unlike Switzerland and South Africa that have organisations which are involved in the education and training in aspects of banking fraud. The Swiss as well as South African police have adequate training in banking fraud unlike our national police force