TT Talk – 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.
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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.
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I have a free morning in Madeira and would like to spend it at one landscape viewpoint rather than moving between several stops for photographs. My starting point will be Funchal and I will not have a car, which makes the journey back as important as the view itself. I am happy to go after the early rush, and I would prefer a place where I can walk safely and wait if a cloud passes through. Some dramatic viewpoints appear easy on a map, but a steep final road or infrequent bus could make the outing much longer than expected. I would take an accessible place over the most spectacular photograph, especially if conditions higher up are unsettled. During my planning I found 3 days in madeira without a car but I am checking individual routes instead of assuming every suggested stop works by bus. Is there one viewpoint you would suggest from Funchal? A short taxi ride for the last section is possible, although I would still want a clear way to return. I can adjust the day if cloud covers the hills, and I would check current access information before setting off. A practical route and an honest estimate of travel time would be ideal.
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I have three full days in Madeira and will be staying in Funchal without renting a car. I hope to spend some time beyond Funchal, but I am trying to avoid an itinerary that only works if every connection is perfectly timed. I might spend one day in a coastal village, and another for a manageable walk if the forecast cooperates. The routes appear manageable when I read the timetables, although I cannot tell how much time to allow for transfers, stops, and a relaxed lunch. I started planning with 3 days in madeira without a car and it helped me list possible places rather than commit to a rigid schedule. Would you reserve the final day for Funchal, in case mountain cloud or a missed connection changes the earlier plans? I am also considering a guided transfer for one walk, while another option is to keep every outing reachable by public transport. If you have tried this kind of short stay, which day trip felt practical, and what would you skip on a three-day visit? A little spare time between outings would be welcome.
We have ten full days in Tenerife. We’ll stay in the south, but don’t want every day to revolve around driving. The first version of our plan has a few easy beach days, a visit to Teide when conditions allow, and one or two trips to smaller towns. What I’m wondering is how much time to leave between longer outings. Roads, heat, and late starts can change the day. We would still like to leave room for a change of plans if clouds or wind make a particular coast less appealing. I came across 10 days in tenerife while comparing possible schedules, but I’d rather hear how people actually paced a similar trip. A slower day halfway through might make the whole plan easier to enjoy, especially if we have an early start for the mountain. Did you reserve certain days for the mountain and the north, or decide closer to the time after checking forecasts? We could have a car for the longer trips and use buses or walk on the quieter days. I’m especially interested in which outings deserve a full day and which are comfortable as shorter trips from the south. If you’ve planned a similar stay, what would you keep flexible, and where would you avoid trying to fit too much into one day?