FINANCIAL INTELLIGENCE CENTRE (FIC) REPUBLIC OF NAMIBIA … · Illegal logging 1 - Fraud 1 1 3 Tax...

of 12

_____________________________________________________________________________________________________________

FINANCIAL INTELLIGENCE CENTRE (FIC)

REPUBLIC OF NAMIBIA

P.O.BOX 2882, Windhoek

Tel: + 264 61 283 5100, Fax +264 61 283 5259

Web address: www.fic.na

E-mail address: [email protected]

MONTHLY STATISTICAL REPORT: FEBRUARY 2020 _____________________________________________________________________________________________________________

http://www.fic.na/

mailto:[email protected]

of 12

1. Incoming Reports

The current reporting period has seen a slight decrease in the volumes of

AIFs, CBMCRs, CTRs, IFTs, SARs and STRs received from Accountable

and Reporting Institutions when compared to the previous month

(January 2020). However, the number of EFTs filed during the period

under review has increased when compared to January 2020 and

February 2019.

1 Total reports received since inception; 2 AIF: Additional Information File; 3 CBMCR: Cross Border Movement of Cash Report; 4 CTR: Cash Transaction Report; 5 EFT: Electronic Funds Transfer; 6 IFT: International Funds Transfer; 7 SAR: Suspicious Activity Report; 8 STR: Suspicious Transaction Report; 9 IRD: Incoming Request-Domestic; and 10 IRI: Incoming Request-International

Table 1: Reports Received

Feb-20 Jan-20 Feb-19 Total1

AIFs2 54 57 35 1,840

CBMCRs3 1 2 1 116

CTRs4 4,941 6,725 4,120 379,538

EFTs5 48,693 46,363 43,252 4,435,591

IFTs6 91,302 125,370 139,681 4,771,406

SARs7 18 26 18 896

STRs8 105 115 106 6,456

Table 2: Requests for Information Feb-20 Jan-20 Feb-19 Total

IRDs9 1 5 13 360

IRIs10 0 2 4 63

One (1) IRD was received during January 2020, an increase from 5

and 13 IRDs received during January 2020 and February 2019

respectively. The highest number of requests for information (IRI)

were received during February 2019, a total of 4 requests. Thus far,

a total of 423 requests have been received by the FIC since inception.

of 12

2. Suspicious Transaction Reports

Graph 2.1: Classification of STRs received by Agency Business Type (Sectors)

The chart above shows that the total number of STRs received during the period under review decreased to 105 STRs from 115 and 106 STRs

received in January 2020 and February 2019, respectively. Further, from all the STRs received in February 2020, only 1 was escalated for

further analysis, whereas 2 were classified as ‘low priority’ and 102 such reports were still under cleansing at the time of reporting. The Banking

sector continues to file the most STRs.

- 10 20 30 40 50 60 70 80

ADLAs

Banks

Financial Intelligence Units

Legal Practitioners

Motor Vehicle Dealers

Stock Brokers

Trust and Loan Service Providers

ADLAs

Asset Management Companies

Banks

Legal Practitioners


Unit Trust Schemes

ADLAs

Asset Management Coompanies

Banks

Casinos

Lending Institutions


Fe

b-2

0Jan

-20

Fe

b-1

9

Under Review Low Priority Case File Opened

of 12

Graph 2.2: STRs by Reporting Entities

During the period under review, Bank-C filed the majority of STRs (35 STRs or 33.3%). This was followed by ADLA-A and Bank-G with 25 and

12 STRs, respectively.

- 5 10 15 20 25 30 35 40 45

ADLA-A

ADLA-B

ADLA-C

ADLA-D

ADLA-E

Asset Management…

Bank-A

Bank-B

Bank-C

Bank-D

Bank-E

Bank-F

Bank-G

Casino-A

Casino-B

FIU-A

Legal Practitioner-A

Legal Practitioner-B

Legal Practitioner-C

Legal Practitioner-D

Legal Practitioner-E

Legal Practitioner-F

Lending Institution-A

Motor Vehicle Dealer-A

Motor Vehicle Dealer-B

Motor Vehicle Dealer-C

Motor Vehicle Dealer-D

Stock Broker

Trust and Loan Service…

Unit Trust Scheme-A

Unit Trust Scheme-B

Feb-20 Jan-20 Feb-19

of 12

Graph 2.3: Classification of Suspicious Activity Reports (SARs) received by Agency Business Type (Sectors)

A total of 18 SARs where received during February 2020. This is a reduction from 26 SARs received in February 2019. Further, from all the

SARs received during the period under review, only 1 report was escalated for further analysis while the rest were still under cleansing at the

time of reporting. The Banking sector continues to file the most SARs, filing a total of 4, 23 and 14 SARs for the months of February 2020,

January 2020 and February 2019, respectively.

-

2

4

6

8

10

12

14

16A

cco

un

tants

an

d A

ud

itors

AD

LA

s

Insu

ran

ce/I

nve

stm

en

t B

roke

rs

Su

pe

rvis

ory

and

Re

gu

lato

ry B

od

ies

Rea

l E

sta

te A

ge

ncie

s/A

gen

ts

Sto

ck B

rokers

Ba

nks

Sh

ort

te

rm I

nsu

ran

ce C

om

pa

nie

s

Leg

al P

ractition

ers

Mo

tor

Veh

icle

Dea

lers

Casin

os

Lon

g T

erm

In

sura

nce

Co

mp

an

ies

Fin

an

cia

l In

telli

ge

nce U

nits

Unit T

rust

Sch

em

es

Ba

nks

Fin

an

cia

l In

telli

ge

nce U

nits

Mic

ro L

end

ing

Institu

tio

ns

Rea

l E

sta

te A

ge

ncie

s/A

gen

ts

Ba

nks

Sh

ort

te

rm I

nsu

ran

ce C

om

pa

nie

s

Leg

al P

ractition

ers

Feb-20 Jan-20 Feb-19Case File opened Low Priority Under Review

of 12

Graph 2.4: AIFs by Reporting Entities

During the month of February 2020, the FIC received 54 AIFs from Accountable Institutions, with the most emanating from Bank-A. The same

bank maintained the leading role in terms of filing AIFs during January 2020 and February 2019, filing a total of 51 and 19 AIFs respectively.

-

10

20

30

40

50

60


Bank-A ADLA-A Bank-B Bank-C

of 12

3. Analysis

During the period under review, 266 Cases, 83 IRDs and 9 IRIs were still under analysis. There was no report set aside during the period under

review. Further, the number of STRs classified as ‘low priority’ dropped to 13, when compared to 19 STRs classified as such in January 2020.

To date, the total number of SARs and STRs classified as ‘low priority’ amount to 511 and 4,087 reports, respectively.

Table 4: Reports Set-Aside

Feb-20 Jan-20 Feb-19 Total

Cases 0 0 0 104

IRDs 0 0 0 4

IRIs 0 0 0 0

SARs 0 0 1 8

STRs 0 0 2 82

Table 5: Reports set on Low Priority Feb-20 Jan-20 Feb-19 Total

Cases 0 0 10 335

IRDs 0 0 0 0

IRIs 0 0 0 0

SARs 3 6 4 511

STRs 13 19 7 4,087

Table 3: Reports Under Analysis

Feb-20

Cases 266

IRDs 83

IRIs 9

of 12

4. Disclosures

Graph 4.1: Spontaneous Disclosures disseminated to Law Enforcement Agencies/ relevant authorities

During the period under review, the FIC disseminated only 21 Spontaneous Disclosures to Law Enforcement Agencies (LEAs). The number of

disclosures increased significantly when compared to 4 and 10 disclosures disseminated during January 2020 and February 2019 respectively.

The Ministry of Finance received the majority of the disseminations (8).

-

1

2

3

4

5

6

7

8


Anti-Corruption Commission 4 2 -

Ministry of Finance 8 - 5

Namibian Police 5 - 4

Office of Prosecutor General 2 - 1

Namibia Central Intelligence Service 1 1 -

Bank of Namibia - 1 -

Law Society of Namibia 1 - -

No.

of S

po

nta

ne

ou

s D

isclo

ure

s

of 12

Graph 4.2: Potential Predicate Offences

Overall, there was a total of 21 potential predicate offences recorded during February 2020. Tax Evasion and Corruption featured as the leading

potential offences during the period under review.

- 1 2 3 4 5 6 7 8

Feb-20

Jan-20

Feb-19

No.

of P

ote

ntia

l P

red

ica

te O

ffe

nce

s


Possible Terrorism Financing 1 1 1

Possession Conterfeit Currency - - 1

Pyramid Scheme - 1 -

Drug Dealing 1 -

Mis-use of Trust Account 1 - -

Illegal logging 1 - -

Fraud 1 1 3

Tax Evasion 8 - 5

Corruption 8 2 -

of 12

5. Referrals

Table 7: Monitoring & Intervention Orders issued

a) Monitoring Orders

Issued 1

No. of Account(s) 3

Amount (N$) 3,331,000.00

b) Intervention Orders Issued 0

No. of Account(s) 1

Amount (N$) 1,800,000.00

Table 6: Referrals received per division

No. of Referrals

a) Financial Investigations & Analysis 0

b) Compliance Monitoring &

Supervision

0

c) Legal, Policy & Enforcement 0

d) Strategic Analysis 0

of 12

Graph 6.1: Compliance assessment activities

During the period under review, 11 compliance assessment activities were recorded.

0

2

4

6

8

10

12


On-site Off-site

6. Compliance Assessment Activities

of 12

Graph 6.2: Registrations of Accountable and Reporting Institutions with the FIC

During February 2020, the FIC registered a total of 11 Accountable and Reporting Institutions. The Centre also held a total of 6 Financial

Intelligence Act training and awareness sessions.

0

5

10

15

20

25

30


Registrations Trainings

FINANCIAL INTELLIGENCE CENTRE (FIC) REPUBLIC OF NAMIBIA … · Illegal logging 1 - Fraud 1 1 3 Tax...

Documents

Transcript of FINANCIAL INTELLIGENCE CENTRE (FIC) REPUBLIC OF NAMIBIA … · Illegal logging 1 - Fraud 1 1 3 Tax...