Namibia lost over N$5 billion in recent years to illicit financial flows due to the exploitation of its natural resources, Namibia Revenue Agency (Namra) commissioner Sam Shivute says.
He addressed the 39th Regional Steering Group and 30th Governing Council Meetings of the World Customs Organisation East and Southern Africa (WCO ESA) at Swakopmund yesterday.
Shivute said these illegal financial activities were depriving the country of vital funds needed for national development.
"We are now aware that illicit financial flows (IFFs) are really happening in Namibia. There are people making money here and finding means to take the money outside Namibia," he said.
Shivute said loopholes are being closed as Namra collaborates with other experts and international bodies such as the United NationsDevelopment Programme and Tax Inspectors Without Borders.
"I can safely say it's more than N$5 billion worth of IFFs, but the final figures are yet to be confirmed, and the Cabinet will be properly briefed as well.
"We have evidence, and we've seen it in our work. Those who have been doing it must just know it has to stop," he warned.
Shivute said Namibia welcomes investors who reinvest in Namibia.
"We are ready to fight and to help protect the financial integrity and the financial architecture of our beautiful country," he said.
Shivute said Africa is losing on average over US$50 billion (about N$910 billion) a year to IFFs.
He said the African Continental Free Trade Area agreement has the potential to drastically increase intra-African trade and lift millions out of poverty.
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"We now have the opportunity to be open to a market of 1,3 billion people," he said.
To realise the benefits of this agreement, Shivute called for enhanced trade facilitation and regional integration.
"For this initiative to be successful, customs administration is a very strong pillar."
Shivute pointed out practical barriers such as customs regulations that hinder trade within Africa.
"Most of the tariffs and customs duties that have to be waived have already been agreed upon, but we need to work with all stakeholders to ensure that everyone is aware of what is expected of them."
Erongo governor Neville Andre at the event said: "As we discuss issues of strengthening cooperation at our borders and improving systems, let us think of creating opportunities for young people and supporting women through trade between our neighboring countries.
"Only then can we proudly say we are moving towards the Africa we want."
Larry Liza, the director of the WCO ESA's regional office for capacity building, raised a critical issue often overlooked in the customs agenda - the well-being and mental health of customs officials.
