See also:
» 23.04.2010 - SAB takes Namibia’s beer market competition head-on
» 18.01.2010 - MCA selects IBTCI for Namibia’s poverty project
» 21.12.2009 - Bannerman lodges application for Uranium mining in Namibia
» 24.07.2009 - Namibian court orders continued freezing of assets
» 20.07.2009 - China president’s son in Namibia’s corruption case
» 02.04.2008 - Namibia gov't condones graft
» 19.07.2007 - "Severe blow" to Namibia's corruption fight
» 01.04.2005 - Namibia's new anti-corruption stance hailed

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Economy - Development

Namibia gears up on anti money laundering

afrol News, 25 July - Namibian government has installed anti money laundering software to be abreast with latest tracking technology to be part of the fight on organised global crime.

The installation, which follows a request by Namibia National Bank, will the country join others in acquiring benefits of goAML software which processes financial intelligence information, analyse large volumes of data and report suspicious money transactions.

The software was developed and created by UNODC to help financial intelligence and law enforcement agencies step up their fight against organised crime. The tool is also designed to be a low cost, off-the-shelf solution for developing countries that could not otherwise afford to develop such systems.

According to UNODC, industry experts put cost of similar software between $3 and $6 million on the open market, while goAML is supplied free of charge, with only installation and licensing costs at about $200,000.

Development of software is part of UN's initiative to intensifying fight against organized crime. As put by UNODC Executive Director, Antonio Maria Costa, earlier this year during UN Commission on Crime Prevention and Criminal Justice forum, where the rule of law is weak or absent, crime and corruption can hold back development and democracy and this can cause conflicts, mass poverty and environmental degradation creating further instability, further saying poor countries could not see benefits of reaching millennium development goals amidst rife organized crime.

The software which is still be installed in other countries such as Pristina and Kosovo next month, will be tested and evaluated in at least 108 member Egmont Group of Financial Intelligence Units.

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