Financial crime poses a significant risk to the financial sector in Namibia while damaging the stability of the economy. 

These sentiments emerged during the first-ever Anti-Financial Crime Conference in Windhoek.

As a result of financial crime issues, Namibia was graylisted by the Financial Action Task Force (FATF) and placed under increased monitoring.

A local commercial bank arranged the Anti-Financial Crime Conference, which brought together different stakeholders from regulators, lawmakers, and role players in the financial sector.

The aim of the conference was to create awareness with key players on what type of threats the financial industry faces and emerging risks that come with technology and artificial intelligence.

"The stability of our financial sector is not just about compliance; it is a fundamental giver of economic development. A resilient financial system is essential to fostering investor confidence, promoting sustainable growth, and safeguarding the interests of all stakeholders. Therefore, it is up to all of us to work together, share knowledge, and collaborate effectively to mitigate the risk posed by financial crime. The threat of financial crime is ever evolving, particularly in this era of rapid digital transformation," said Erwin Tjipuka, the CEO of Standard Bank Namibia.

Financial crime can also negatively impact the integrity of the country's financial credibility.

The Deputy Governor of the Bank of Namibia, Leonie Dunn, pointed out that financial crime affects and targets the most vulnerable in society. Therefore, stakeholders must come together to find ways to prevent financial crimes.

"Namibia continuously stands on the recipe of significant change amidst a very positive, shifting economic landscape for our country, and all familiar threats continue lagging in the shadows. Namely, financial crime in its entire facet, inclusive of profit-generating criminal conduct, is complemented by the laundering process of such conduct. Financial crime may significantly hamper the positive gains that we have thus far achieved by changing our economic landscape. In a globalised and interconnected world, financial crimes continuously pose a serious threat, not only to the stability and integrity of the financial system but also to the overall financial services industry. It remains a multitrillion-dollar epidemic that underpins many of societies, most hideous crimes, inclusive of human trafficking, drug trafficking, wildlife trafficking, and terrorism, to mention a few."

Through these engagements, stakeholders further hope to find solutions on how to control and prevent financial crimes that can come with fast-changing technology.