Namibia launches system to bolster efficiency, transparency of trade processes

WINDHOEK, Dec. 13 (Xinhua) -- The Bank of Namibia and the Namibia Revenue Agency (NamRA) on Wednesday officially launched the country's first Trade Verification System (TVS).

The TVS is expected to reduce the estimated 33 billion Namibia dollars (about 2.2 billion U.S. dollars) of potential tax-related offenses as estimated by the Financial Intelligence Center in the National Money Laundering, Terrorist and Proliferation Financing Risk Assessment Report of 2021.