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.
Like the way you’ve outlined things. Easy to follow. Not cluttered.
https://maketrades.digital/
https://c3d-labs.readme.io/docs/surface-and-wireframe-modeling-concepts
This is such a unique and valuable post—thank you for sharing such fantastic information! It’s been genuinely helpful and has made a real difference for us. We’d love for you to check out our website as well! https://www.adarshparkland.co/location.html
Great post. Just a heads up – I am running Ubuntu with the beta of Firefox and the navigation of your blog is kind of broken for me.
Admiring the time and effort you put into your site and detailed info you offer!
Great info! Keep post great articles.
What a great article.. i subscribed btw!
Bazzico su Crazy Time da un po’ da un paio di stagioni, allora tanto vale buttare giu qualcosa visto che qui si chiedeva. Non e il pistolotto, giusto come e andata a me.
Il motivo per cui sono rimasto e la sezione con i croupier veri. Trovi tutti i game show, roulette con croupier che parlano italiano a certe ore, e chiaramente la ruota con i bonus round. Sulle slot parliamo di 1.800 giochi: i soliti Pragmatic con Gates of Olympus e Sweet Bonanza, Play’n GO, un po’ di NetEnt, Big Time Gaming per chi ama i Megaways. Non e il piu fornito in assoluto, pero non ti annoi.
Il pacchetto di benvenuto che offre Crazy Time quando mi sono iscritto era un 100% fino a 500€ piu 200 giri gratis distribuiti nei giorni successivi. Il wagering sta sui 35x, cosa che non e una passeggiata pero e nella media del mercato. C’erano anche un piccolo no deposit ma le condizioni cambiano, per cui conviene guardare i termini attuali sul app Crazy Time se ti interessa.
Deposito minimo 10€, registrazione con documento d’identita — a me e passata in 24 ore, a un amico due. Visa e Mastercard passano tranquillamente, gli e-wallet tipo Skrill sono i piu veloci, accettano pure crypto ma non l’ho usato. I prelievi fatti su Crazy Time hanno impiegato uno o due giorni sull’e-wallet, sul bonifico siamo sui 3-4 giorni.
Quello che non mi e piaciuto: non c’e un’app vera, solo il sito da browser. Gira onestamente bene da smartphone, pero su alcune slot ha fatto i capricci e ho dovuto ricaricare. Il supporto che trovi su Crazy Time parla italiano 24 ore su 24, tempi ragionevoli, anche se il primo messaggio e quasi sempre preconfezionata. Licenza e indicata la MGA — per un giocatore italiano va tenuto presente, valuta tu.
Gioco su Crazy Time da quattro o cinque mesi, quindi tanto vale dire due parole siccome qui si chiedeva. Non voglio fare il papiro da blog, giusto la mia esperienza.
Quello che mi ha convinto all’inizio e la roba di Evolution. Girano tutti i game show, blackjack con dealer in italiano a certe ore, e va da se il gioco della ruota con i quattro bonus. Sulle slot parliamo di 2.500 e passa titoli: Pragmatic tipo Gates of Olympus e Sweet Bonanza, Play’n GO con Book of Dead, NetEnt, Yggdrasil. Non hanno tutto, pero c’e quello che serve.
Il pacchetto di benvenuto che offre Crazy Time al momento e un 100% fino a 500€ piu 150 free spin distribuiti nei giorni successivi. Il wagering e 35x, che ti fa sudare ma nemmeno assurdo. Ho beccato pure qualche giro senza deposito ma le condizioni cambiano, quindi meglio controllare i termini attuali su per saperne di piГ№ prima di depositare.
Si parte da 10 euro, la registrazione con SPID e documento — nel mio caso hanno verificato in un giorno, a un tizio che conosco quasi tre. Visa e Mastercard vanno senza problemi, gli e-wallet tipo Skrill sono i piu veloci, c’e anche il Bitcoin ma non l’ho usato. I prelievi da Crazy Time hanno impiegato uno o due giorni con Skrill, con bonifico ci vogliono 3-4 giorni.
Quello che non mi e piaciuto: non c’e un’app vera, si gioca dal browser. Gira bene sul telefono, ma con qualche titolo mi si e impallato costringendomi a riavviare. L’assistenza che trovi su Crazy Time parla italiano ed e attiva h24, tempi sui 5 minuti, anche se il primo messaggio e un template. Licenza c’e Curacao — per l’Italia e una cosa da sapere, ognuno si regola.