The FATF report revealed in 2022 that the Namibia had gaps in AML and CFT regulations related to the legal framework and successful prosecution of financial crimes. To this end, the country is considering reducing illicit financial flows through various mechanisms, according to the announcement made by the state body on Monday, March 13, 2023.

In an effort to reduce illicit financial outflows from the country, the Bank of Namibia and the Namibia Revenue Agency (NamRa) will establish a digital control system. Indeed, to improve the consistency between cross-border money transfers and merchandise transactions within the country, the Trade Verification System (TVS) will be used as a means of control. The collection of taxes and fees related to import transactions will be improved by the digital tool, in order to reduce tax evasion and tax refund claim fraud. The TVS will be operational by October.