Namibia: Trade Misinvoicing Fuels Illegal Money Movement

Businesses that deliberately misinvoice on transactions are contributing to the gap in Namibia’s trade balance and illicit financial flows (IFFs).

“Trade misinvoicing is the practice of knowingly submitting an invoice that misrepresents the value of goods being imported or exported,” notes the United Nations Statistics department.

A participant who cannot be named because of where they work, speaking at the Bank of Namibia workshop on IFFs yesterday, said trade misinvoicing is a primary source of…

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