A heated debate unfolded in the National Assembly over the proposed amendments to penalties for companies failing to comply with regulations related to the maintenance of beneficial ownership records.

The amendments suggest a fine exceeding N$10 million or imprisonment for a period not exceeding 10 years, or both, for offences committed knowingly.

In response to concerns about the proportionality of the penalties, the Minister of Trade and Industrialization, Lucia Iipumbu, reiterated that the maximum penalty of N$10 million did not imply a one-size-fits-all approach.

She clarified that the fines would be determined based on the magnitude of the offence committed, taking into account the legal procedures and the intention behind the contravention.