The IMB NVOCC Register
Reducing bills of lading risks
While there may be valid trading reasons that give rise to bill of lading difficulties, there is an unhealthy under-belly of criminal activity.
TT Talk canvassed some trading issues relating to bills of lading in the December 2018 edition. Reference within those articles was made to the English law position articulated in Motis Exports case1, explaining the risk exposure to bill of lading issuers and stakeholders relying on the documentation. This article applies to the industry vulnerability to fraudulent activity.
Banking scrutiny
The International Chamber of Commerce’s Commercial Crime Services division has a primary function of protect the integrity of international trade by seeking out fraud and malpractice and providing reports based on this activitiy to its members.
Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar. The Big Oxmox advised her not to do so, because there were thousands of bad Commas, wild Question Marks and devious Semikoli.
Commercial banks commence thousands of investigations each year in relation to fraudulent bills of lading which are undertaken by the International Maritime Bureau (IMB), a division of CCS. Through the investigation process, IMB conducts due diligence on all trade documents, including bills of lading, and seeks independent third-party verification to provide an extra level of confidence in transactions. This supports banks in relation to their compliance procedures to prevent fraud, money laundering and sanctions breaches.
Suspect bills of lading are those which have false content including the wrong ship, dates, description of cargoes, container numbers or parties. Perpetrators present such bills of lading to banks to facilitate fraudulent activity including money laundering, fraud, illegal capital flight and to by-pass sanctions.
It is recognised that NVOCCs and freight forwarders play a vital role in international trade and whilst the majority operate to extremely high standards, there are inevitably those who for a variety of reasons may deliberately or recklessly issue bills of lading with false content. It is important that safeguards are in place to ensure the security of bills of lading and that there are systems in place to track any misuse.
As a result of recent trends involving bill of lading fraud and a growing concern of their stakeholders, the IMB developed a new initiative, unveiled at Enterprise, Singapore on 15 January 2019, during a panel discussion on the manipulation of bills of lading attended by over 100 delegates from banks, logistics companies and lawyers. The primary objective is to provide a common open platform from which to improve anti-fraud standards and to give due recognition to participating NVOCCs who adhere to the minimum standards established within the platform.
NVOCC vulnerability
"IMB estimates that over 95% of all improperly issued bills of lading are issued by NVOCCs."
From this work, IMB estimates that over 95% of all improperly issued bills of lading are issued by NVOCCs. This is a staggering finding, albeit relating to a small percentage of the total transactions, but a clear indicator of the vulnerability of some elements of the NVOCC sector.
Announcing IMB NVOCC register
“Maintaining the integrity of the bill of lading is of paramount importance to all stakeholders in global trade”
TT Club believes that this initiative to improve standards and reduce potential exposures to fraudulent activity through the supply chain is beneficial to the industry and would therefore encourage its NVOCC membership to evaluate the platform and consider participation in it.
We gratefully acknowledge the assistance in the preparation of this article of Pottengal Mukundan, Director, International Maritime Bureau, ICC-Commercial Crime Services
The initiative introduces an open source NVOCC register in conjunction with a new IMB Code of Conduct which all participating NVOCCs are required to adopt. The Code of Conduct is supported by an online training course which sets out minimum standards for the issuance of NVOCC bills of lading. Participating NVOCCs remain accountable where a document they have issued is found to be fraudulent, however it is anticipated that a wider knowledge of good practice will result in fewer cases of fraud being identified.
Maintaining the integrity of the bill of lading is of paramount importance to all stakeholders in global trade. Where fraudulent activity is allowed to continue, there is a real danger that key stakeholders de-value the worth of the bill of lading. Inevitably, should the industry not be able to address commercially the challenge presented by the use of fraudulent documents, there is a risk that regulations may be required. This initiative recognises and seeks to address this industry wide challenge, seeking to promote awareness and support compliance with acceptable trade practices.
EE88 là nhà cái hàng đầu với đa dạng trò chơi cá cược trực tuyến, từ thể thao, sòng bài đến game bài. Giao diện thân thiện, bảo mật cao và dịch vụ khách hàng chuyên nghiệp giúp người chơi trải nghiệm an toàn và thú vị mọi lúc mọi nơi. Website: https://ee88i.io/
188M là nền tảng giải trí trực tuyến được cấp phép, phục vụ hàng triệu người chơi tại Việt Nam với đa dạng sản phẩm như cá cược thể thao, nổ hũ, lô đề và e-sports… Với hệ thống vận hành minh bạch và quy trình thanh toán nhanh chóng, 188M mang đến trải nghiệm an toàn và công bằng. Website: https://188m.io/
https://kofoed-kerr-2.hubstack.net/codigo-promocional-1xbet-2026-bono-de-130-eu-para-nuevos-jugadores
JILIAPP is a leading online entertainment platform in the Philippines, offering innovative gaming experiences and secure services for users nationwide. Located at 123 Sample Avenue, Makati City, Metro Manila 1226, Philippines, the company ensures accessible support and reliable operations. For inquiries, call 63 2 8555 1234. Visit the official website for more details and services including updates promotions secure access customer support and partnership opportunities for all registered users worldwide and partners network platform https://jiliapp1.ph/
888starz com https://888-uz7.com/
Thank you for sharing this very good post. Very interesting ideas! (as always, btw)
Just want to say what a great blog you got here!I’ve been around for quite a lot of time, but finally decided to show my appreciation of your work!
https://balisanur.intercontinental.com/pages/s_chem_nosity_gheltoe_palyto__1.html
lkf.phorum.pl
Elusive shipwreck found in Lake Michigan over 100 years after sinking
[url=https://rutor-forum.com]rutor-24 at[/url]
A “ghost ship” that sank in Lake Michigan nearly 140 years ago and eluded several search efforts over the past five decades has been found, according to researchers with the Wisconsin Underwater Archeology Association.
The wooden schooner got caught in a storm in the dead of night and went down in September 1886. In the weeks after, a lighthouse keeper reported the ship’s masts breaking the lake surface, and fishermen caught pieces of the vessel in their nets. Still, wreck hunters were unable to track down the ship’s location — until now.
https://rutorclubwiypaf63caqzlqwtcxqu5w6req6h7bjnvdlm4m7tddiwoyd.com
rutordark63xripv2a3skfrgjonvr3rqawcdpj2zcbw3sigkn6l3xpad onion
Earlier this year, a team of researchers with the Wisconsin Underwater Archeology Association and Wisconsin Historical Society located the shipwreck off the coastal town of Baileys Harbor, Wisconsin, the association announced on Sunday.
Named the F.J. King, the ship had become a legend within the Wisconsin wreck hunter community for its elusive nature, said maritime historian Brendon Baillod, principal investigator and project lead of the discovery.
“We really wanted to solve this mystery, and we didn’t expect to,” Baillod told CNN. “(The ship) seemed to have just vanished into thin air. … I actually couldn’t believe we found it.”
The wreck is just one of many that have been found in the Great Lakes in recent years, and there are still hundreds left to be recovered in Lake Michigan alone, according to Baillod.
The ‘ghost ship’
Built in 1867, the F.J. King plied the waters of the Great Lakes for the purpose of trans-lake commerce. The ship transported grains during a time when Wisconsin served as the breadbasket of the United States. The 144-foot-long (44-meter) vessel also carried cargo including iron ore, lumber and more.
The ship had a lucrative 19-year career until that September night when a gale-force wind caused its seams to break apart, according to the announcement. The captain, William Griffin, ordered the crew to evacuate on the ship’s yawl boat, from where they watched the F.J. King sink, bow first.