Novatrade24 serves the interests of traders, banks, and tax authorities

Novatrade24 has been featured by the media, and we welcome this attention! In these reports, we are highlighted as a platform that helps protect the automotive trade against VAT fraud and money laundering practices. Novatrade24 serves as a defense against false accusations of complicity in criminal activities. Although the platform could theoretically be used for this purpose, its potential and mission reach far beyond that.

Our guiding principle: traders have good intentions Most industry colleagues we’ve spoken to in recent years regarding opportunities and risks in car exports primarily aim to conduct honest business. They recognize the importance of rules preventing criminal activities. However, strict compliance is often complex, time-consuming, and costly for individual automotive companies. Consider elements like Know Your Customer (KYC) profiles, with VIES and bank account number checks and all export documentation, from quotations to waybills and invoices, among others. Anyone familiar with this administrative burden will understand why companies struggle to fully comply. Non-compliance is typically due more to ignorance or lack of resources than deliberate intent.

Knowing what to document and doing so diligently The Dutch legal case involving Wientjes, which recently resulted in an acquittal, underscores traders’ substantial need for clear guidelines about compliance standards. This clarity involves understanding precisely what documentation is necessary and ensuring its accurate completion. Uncertainty in this area breeds insecurity and risk aversion, potentially causing traders to avoid international business altogether.

We aim to restore trust Trust starts with clarity regarding regulations. For too long, there has been uncertainty around exactly what traders must do to demonstrate good faith. While developing Novatrade24, we studied various domestic and international cases. The insights gained were used to create a digital process and document vault designed to help traders comply with regulations and maintain proper documentation, even for potential audits.

Crime in our industry is also our problem Clearly, crime affects even those with good intentions. It results in lost growth opportunities, as traders avoid certain activities due to risk concerns, or worse, unjustly become involved in criminal proceedings damaging their reputations. Fighting criminality is thus in our collective interest. And this is achievable.

Taking initiative and collaborating with authorities By recognizing our potential contribution and actively addressing issues, we demonstrate our commitment. Compliance solutions require a collaborative approach. By collecting extensive knowledge and data useful for detecting suspicious activities, we aim to thwart those undermining our trade. Novatrade24 provides knowledge, processes, systems, and data analysis on a pay-per-use basis, empowering traders to significantly reduce risks posed by malicious buyers. This solution is accessible, easy, and affordable. Additionally, our method is expected to represent substantial progress in risk management for institutions such as banks and tax authorities. It is clear we must earn their trust to promote entrepreneurship and leverage trading opportunities within the EU.

Conclusion Returning to the initial point made at the beginning of this article: yes, Novatrade24 can indeed serve as a defense against accusations by tax authorities involving VAT fraud or money laundering cases. However, a far greater impact is anticipated from the European trade network we are building, where entrepreneurship can flourish. A trade network trustworthy and secure for investment by banks. A trade network collaboratively working with tax authorities to combat criminality. Ultimately, we all aim for the same goal: enabling safe entrepreneurship within EU borders.

Do you have questions about Novatrade24? Visit novatrade24.com, follow us on LinkedIn, or contact Michel van Roon, Mark Beersma, or

Tom Hessing.

Contact Novatrade24

Novatrade24 recently featured in this article in De Stentor.