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.
Gram tu jakies czterech miechow, przewaznie jak mam wolne pol godziny. Wpadlem na nich przypadkiem, szukalem wtedy czegos, co ogarnia zlotowki, a nie ciagle przewalutowanie. Nie ukrywam — z poczatku nie mialem zaufania, bo w sieci pelno podobnych budek.
Gierki to jest to, po co tam siedze. Siedzi tam kilka tysiecy pozycji, choc badzmy szczerzy dobra polowa to zapychacze. Ja krece glownie na Play’n GO — Sweet Bonanza umie zrobic dzien, a poza tym lubie Book of Deada. Maja tez NetEnt, Yggdrasil i Big Time Gaming, wiec naprawde jest w czym grzebac. Ostatnio wciagnalem sie w live — Evolution robi to porzadnie, krupierzy sa ogarnieci, a Crazy Time to juz w ogole cyrk, ale wciaga.
Bonus powitalny daje 100% od wplaty i do tego jakies 30 darmowych spinow, ale wymog obrotu x40 boli i bez cierpliwosci tego nie wyciagniesz. Widzialem tez bonus bez depozytu, ale to leci rotacyjnie, wiec lepiej podejrzec obecne promki u nich na 888starz link zanim sie w cos wpakujesz. Minimalny depozyt to grosze — wchodzilem od jakichs 20 zl.
Zakladanie konta zajela mi doslownie minute, schody zaczely sie przy doslaniem dokumentow — zeszlo ze dwa dni, to standard w kazdym miejscu. Kase wyciagalem kilka razy: e-portfel wpadl tego samego dnia, karta szla dwa dni robocze, a BTC najszybciej — praktycznie od reki. Maja tez Neteller, Mastercard i kilka lokalnych opcji.
Minus, ktory musze wypomniec: support na czacie odpisuje szybko, ale po polsku bywa roznie i potrafia odbic temat do maila. Apka na Androida dziala calkiem sprawnie, choc wazy swoje. Papiery sa z Curacao, wiec bez cudow — to nie jest polski operator z ministerialnym zezwoleniem. Ogolnie gram dalej, choc nie wrzucam tam wiecej niz moge stracic.
Gram tu jakies szesciu miesiecy, przewaznie jak mam wolne pol godziny. Trafilem na to z jakiegos watku na forum, bo szukalem miejsca, ktore przyjmuje zlotowki, a nie ciagle przewalutowanie. Nie powiem — z poczatku nie mialem zaufania, bo w sieci pelno podobnych budek.
Automaty to w sumie to, po co tam siedze. Jest kilka tysiecy gier, choc badzmy szczerzy dobra polowa to zapychacze. Ja siedze glownie na Play’n GO — Gates of Olympus umie niezle zaskoczyc, a poza tym lubie Book of Deada. Jest tez NetEnt, Yggdrasil i Big Time Gaming, wiec naprawde jest w czym grzebac. Ostatnio coraz czesciej wchodze na stoly na zywo — Evolution i widac roznice, prowadzacy sa ogarnieci, a Crazy Time jest wciagajace, choc bardziej show niz gra.
Bonus powitalny to 100% od wplaty plus jakies jakies 30 darmowych spinow, ale wymog obrotu x40 boli i bez cierpliwosci tego nie wyciagniesz. Byl tez jakis kod bez depozytu, ale to sie zmienia co chwile, dlatego lepiej podejrzec obecne promki u nich na 888starz zanim sie w cos wpakujesz. Minimalny depozyt nie zabija — u mnie wyszlo z 20 zl.
Zakladanie konta zajela mi doslownie minute, schody zaczely sie przy doslaniem dokumentow — zeszlo ze dwa dni, to standard w kazdym miejscu. Kase wyciagalem trzy razy: e-portfel wpadl tego samego dnia, karta szla prawie trzy dni, a BTC najszybciej — praktycznie od reki. Neteller i Mastercard tez sa.
Minus, ktory musze wypomniec: support reaguje w miare szybko, tyle ze po polsku bywa roznie i trzeba czasem powtorzyc pytanie. Apka na Androida dziala calkiem sprawnie, choc wazy swoje. Papiery to Curacao, wiec bez cudow — to nie jest polski operator z ministerialnym zezwoleniem. Poki co gram dalej, choc trzymam to na zdrowy rozsadek.
Với phong cách thiết kế VIP66 hiện đại và giao diện dễ điều hướng, tạo nên không gian trực tuyến thuận tiện, giúp người dùng tiết kiệm thời gian khi tìm kiếm thông tin và khám phá các nội dung giải trí.
AO88 là nhà cái cá cược trực tuyến hoạt động hợp pháp với giấy phép từ PAGCOR, Curaçao eGaming và Isle of Man. Thương hiệu cam kết mang đến môi trường giải trí minh bạch, bảo mật cao và đáng tin cậy cho người chơi tại Việt Nam
here
DN88 là nhà cái cá cược trực tuyến hoạt động hợp pháp với giấy phép từ PAGCOR, sở hữu hệ sinh thái giải trí đa dạng gồm cá cược thể thao, nổ hũ/slot, bắn cá, xổ số và game bài. Website: https://dn88.za.com/
https://www.pearltrees.com/gilmairef
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://accounts.binance.com/si-LK/register-person?ref=LBF8F65G
https://www.aicrowd.com/participants/gilmaire_etienne7
https://opencart.templatemela.com/OPC10/OPC100247/OPC6/index.php?route=information%2Fblogger&blogger_id=4