World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


Namibia: Anti Money-Laundering Software Installed

Anti money-laundering technology created by UN agency installed in Namibia

24 July 2008 - Information technology designed to help countries fight crimes such as money-laundering and the financing of terrorism has been installed at Namibia's Financial Intelligence Centre with the help the United Nations Office on Drugs and Crime (UNODC).

The software, called "goAML," was created by UNODC to help financial intelligence and law enforcement agencies step up their fight against organized 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 the cost of similar software between $3 and $6 million on the open market. Meanwhile, "goAML" is supplied free of charge, with installation and licensing costs at about $200,000.

At the request of Namibia's National Bank, the new software will be used to process, analyse and report suspicious money transactions in line with domestic anti-money-laundering laws and regulations.

The software can analyze large volumes of data and help identify and understand complex patterns of financial transactions. It also aims to introduce an element of standardization in gathering and processing financial intelligence information worldwide, with the aim of making international cooperation easier in the fight against financial crime.

UNODC says the software will be installed in Pristina, Kosovo, next month and that the 108-member Egmont Group of Financial Intelligence Units is planning to test and evaluate it.


Latest World News | Top World News | World Digest | Archives | RSS

© Scoop Media

World Headlines


Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>


Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>


Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>