Updated laws relevant to changing financial markets: Muha

Chairperson of the National Council Lukas Muha has emphasised the need to make laws that are relevant to the current changing financial market environment both locally and globally.

He added that it is important for Members of Parliament (MPs) to move with speed in order to comply and beat the politics of the world monetary system.

The chairperson was speaking at the opening of the Financial and Related Bills for Members of Parliament on Tuesday in Swakopmund, where he urged members to note the effects of interdependency and integration to individuals, businesses, investors and states.

The workshop is co-hosted by the National Council, Ministry of Finance and Bank of Namibia with the purpose to equip the MPs with knowledge and understanding of the financial and related 14 laws that will enhance the efficient consideration of these laws.

According to him, this has influence over global security and international trade relations and the way state, business and individuals deal with financial markets.

“An economic crisis in one state can quickly spread to other states. The spread of economic difficulties can quickly lead to global economic crises that may negatively affect the world economies in various ways. As MPs, we are mandated to represent and serve the Namibian people’s interest to the best of our abilities,” he said.

Muha therefore highlighted the importance of the three-day workshop, adding that it will sharpen the capacity and ability to execute the members’ responsibility of reviewing the proposed amendments and the new bills.

Deputy Governor of the Bank of Namibia, Leonie Dunn, at the same event noted the importance of MPs to understand the journey on which Namibia has been around the national anti-money laundering efforts, countering terrorist financing (CFT) and proliferation of weapons of mass destruction (CPF), where Namibia is heading to and why it is so important for the country.

“Safeguarding the stability and integrity of the Namibian financial system is a matter which the Bank of Namibia and the Government of the Republic of Namibia regard in a most serious light. Therefore, it is a task which requires all AML/CFT/CPF combatting law enforcement and other agencies to operate in a harmonious symphony to timeously bring to justice and deprive them from proceeds of crime,” Dunn noted.

Source: The Namibia Press Agency