once again for being a key partner and player in the financial inclusion game. i would like to encourage the fides bank to keep up this good work. your dream saver and other services are testimony to the fact that low - income people are not only bankable, but they also insurable. 10. through the dream saver, you have made a difference in the lives of many people now and for generations to come. with this product you have empowered our people. congratulations! i thank you for your kind attention. bis central bankers ’ speeches

tom alweendo : announcement of the commencement date of the financial intelligence act 2007 speech by mr tom alweendo, governor of bank of namibia, at launching the awareness campaign on provisions of the financial intelligence act 2007, windhoek, 29 april 2009. * * * distinguished invited guests ; members of the media ; ladies and gentlemen ; i would like to welcome all of you to the bank of namibia this morning. the occasion today is to officially launch the commencement of the financial intelligence act and to also launch our public awareness campaign. as you are all by now aware, the financial intelligence act was enacted in 2007. the act empowers the bank of namibia, amongst others to receive suspicious transaction reports from reporting entities, to analyze such reports, and to disseminate the intelligence gathered to law enforcement agencies for further investigation and possible prosecution. the bank is further required to conduct compliance audits with all reporting entities to ensure effective adherence to this act. the key in combating money laundering through the reporting entities is to know who their customers are. if they know their customers well, they will be able to detect attempts at money laundering. in fulfilling this mandate, since 2007 we have been preparing ourselves to be ready with the implementation of the act. in this respect, i am happy to say that we have managed to build the necessary capacity and that we are more than ready to implement the act. due to some legislative delays, the bank was not able to commence with the implementation of the act as early as we would have wished. however, i am happy to report that the commencement date for the act is now set to be the 1st may 2009. in order to educate the public on money laundering, we are also starting with a comprehensive awareness campaign. this is necessary because we are only likely to successfully combat money laundering when the public in general understand as to what is at stake. financial crime, of which money laundering is part, is increasingly becoming a global phenomenon. this is despite the enactment of laws designed to curb financial crime. this is not only a threat to the global financial sector, but if allowed to flourish money laundering has the potential to become a threat to society. it can lead to the accumulation of economic power to organized crime. this development has the potential of eroding our political and social systems based on elected representation as we know them today. in other words, the social consequences for allowing money launderers to operate unchecked could spell disaster for stability and the rule of