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.
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.
Buy Tadalafil 20mg: TadaStreamRx – cialis for sale
over the counter sildenafil: SildenDirect – sildenafil 50 mg price
http://apexmenmeds.com/# edmeds
Едем в Прагу с дошкольником и заранее продумываем день на случай дождя, чтобы не принимать все решения на улице. Мы не стремимся собрать много достопримечательностей: важнее немного погулять, дать ребёнку поиграть и вовремя сделать перерыв на еду. Для начала смотрю материалы по запросу детский остров Прага. Не хочется строить вокруг одной площадки весь день, поэтому ищу сведения, которые помогут решить, подходит ли нам такая остановка. Ищу место для сухой паузы с ребёнком, чтобы смена погоды не заставляла срочно пересекать весь город ради другого занятия. Отдельно хочу оценить бытовые удобства и обратную дорогу, чтобы после прогулки не искать транспорт и еду с уставшим ребёнком. Если у вас был похожий день в Праге, поделитесь связкой мест, которую удалось легко изменить без лишних поездок и спешки. Время работы и условия посещения проверю отдельно перед поездкой; сейчас больше интересует логика маршрута и расстояние между возможными остановками.
После смены телефона разбираю наши семейные туристические закладки. За несколько поездок накопились страницы, скриншоты и короткие подписи, смысл которых уже не всегда понятен. Некоторые материалы сохраняли для реального выезда, другие просто казались интересными. Хочу оставить небольшой список с понятными пояснениями. Выбрасывать старые записи жаль, а искать среди них утомительно. Среди неподписанных записей нашлась ссылка с пометкой venagid — теперь к каждой такой записи хочу добавлять назначение. Не собираюсь считать старую закладку готовой инструкцией. Если снова понадобится соответствующая тема, проверим условия заново и зафиксируем дату этой проверки. Пока предлагаю три поля: тема, источник и вопрос. В отдельной строке можно отметить дату последнего чтения. А непроверенные детали выделять короткой заметкой. Список общий, и им пользуются несколько человек, поэтому подпись должна быть понятной без объяснения автора. Хочется открывать заметку и сразу видеть, что осталось выяснить перед поездкой. Как вы отличаете полезный источник от случайной ссылки, когда возвращаетесь к заметкам через год? Поделитесь простой структурой записи для такого списка.
Wahrend einer Stadtereise nach Barcelona bleibt uns ein ganzer Tag fur Meer und Strand. Wir wohnen im Zentrum und sind ohne Auto unterwegs. Lange Umstiege passen nicht zu einem entspannten Badetag. Wir planen keinen kurzen Fotostopp, sondern mehrere Stunden am Meer. Wenn moglich, suchen wir mehr Platz als an den bekanntesten Abschnitten. Der Ruckweg soll auch am fruhen Abend mit dem Nahverkehr moglich sein. Unsere Taschen sind klein, deshalb konnen wir auch ein Stuck laufen. Ein kurzer Spaziergang vom Halt zum Strand ware vollig in Ordnung. Lange Wege in der Mittagshitze wurden wir vermeiden. Fur den ersten Vergleich habe ich barcelona beste strande notiert. Welche Abschnitte wurdet ihr fur diesen Tagesplan vergleichen? Besonders hilfreich waren Erfahrungen zur tatsachlichen Fahrzeit, zur Orientierung vor Ort und zur Ruckfahrt am Abend. Auch Hinweise zu Schatten und einfachen Pausenmoglichkeiten wurden uns bei der Wahl helfen. Wir mochten die Entscheidung vorher treffen, damit wir den Tag nicht mit mehreren spontanen Ortswechseln verbringen.
buy ed meds: Apex Men Meds – erectile dysfunction pills for sale
http://apexmenmeds.com/# ed online treatment
Buy Tadalafil 20mg: TadaStream – Buy Tadalafil 20mg
I have been comparing phone photos because I want a better starting point for choosing a hair shade. The same face looks warmer by a window in the evening and cooler under a bright bathroom light. The shifting colors make a neat online result hard to trust on its own. I am starting with light brown hair and only want a modest shift in tone. I found skin tone analysis while looking for a way to compare images, but I still need a sensible way to use the information. The real goal is a wearable shade in everyday light, not a perfect match to one edited image. I can take pictures with the same plain background, no beauty filter, and my hair pulled away from my face. Should I keep the lighting and clothing simple when I compare possible shades? I am also thinking of holding a few fabric colors near my face rather than deciding from a single photograph. At the appointment, real hair swatches could be checked beside my skin and roots. That would give us something concrete to discuss instead of trying to prove that an app assigned the right season. Leaving the pictures unfiltered should make the comparison more honest. If your photos gave conflicting undertone clues, how did you decide whether to try neutral or cool hair color?