With money laundering, business fraud, and illicit dealings detected in the business environment, the Business and Intellectual Property Authority (BIPA) and the Namibia Revenue Agency (NamRA) have signed a Memorandum of Understanding to curb and educate those in the business world about these emerging crimes.
The collaboration between the two is to build a foundation that safeguards the rights of intellectual property rights holders, the owners of businesses, and those who are users and benefactors in both areas by exchanging information.
Many Namibians have fallen victim to identity theft or their personal documents being used in illicit business and fraud.
According to NamRA's Commissioner, Sam Shivute, cases of money being laundered in the country are increasing.
Thus, it is prudent for both BIPA and NamRA to work together and ensure that they have the same data analysis and information that would be put on a platform accessible to business entities.
"We have started with this process of ensuring that we work out a memorandum of understanding and sign that memorandum of understanding. For us to strengthen our collaboration and sharing of information that we can share, and also going forward, you would want our systems to be integrated to be interfaced to so that when one registers your business with BIPA data, you must be in a position even to have a tax identification number automatically."
BIPA CEO Vivienne Katjuongua says, "Because both of us will be receiving financial statements from entities that are supposed to be a reflection of what they've done for the year. And if we are not able to at least compare or assess that, there are always gaps for people to get away with, you know, not paying their taxes, paying less than that, or operating while they are not truly registered or in good standing with the two agencies. So I believe it really creates an administrative cooperation that is very beneficial to the country."