Windhoek Launches Namibia’s First Trade Verification System to Combat Financial Offenses

WINDHOEK: In a significant move to enhance trade compliance and financial transparency, the Bank of Namibia and the Namibia Revenue Agency unveiled Namibia’s first Trade Verification System (TVS) in Windhoek on Wednesday.

According to Namibia Press Agency (NAMPA), Terrorist, and Proliferation Financing Risk Assessment Report of 2021, the TVS is expected to play a crucial role in addressing potential tax-related offenses, which are estimated to be around N.dollars 33 billion. This innovative system aims to ensure thorough verification of goods trading processes.

Oscar Capelao, Deputy Executive Director for Economic Policy in the Ministry of Finance and Public Enterprises, emphasized the government’s commitment to combating illicit financial flows. He acknowledged past misconduct by importers violating national laws and regulations and stressed that the TVS would serve as an effective tool for the country. Capelao highlighted the system’s ability to facilitate improved decision-making through timely data and real-time reporting, aiming to increase the tax compliance ratio concerning imports and exports.

Leonie Dunn, Deputy Governor of the Bank of Namibia (BoN), outlined the additional benefits of the TVS. She explained that it would empower commercial banks and the central bank to implement enhanced controls and eliminate payment duplications, thereby reducing the risk of these banks being used for illicit financial activities.

Sam Shivute, Commissioner of the Namibia Revenue Agency (NamRA), also spoke at the event. He highlighted the collaborative effort behind the TVS, underscoring its role in fostering transparency and compliance in trade operations.