Hellenic shipping news

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Hellenic shipping news

TT Talk canvassed some trading issues relating to bills of lading in the December 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. 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. 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. 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.

The primary objective is to provide a common open platform from which to improve anti-fraud standards and to give due recognition to participating Hellenic shipping news who adhere to the minimum standards established within the platform. Barchart Market Data.

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Hellenic shipping news

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Decline All. The Code of Conduct is supported by an online training course which sets out minimum standards for the issuance of NVOCC bills of lading. Voting Average rating. 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. Request Access Close. Leaders in global shipping news for over 10 years. 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. Contact Us. This initiative recognises and seeks to address this industry wide challenge, seeking to promote awareness and support compliance with acceptable trade practices. Cookie Settings. Package ID: gr. This article applies to the industry vulnerability to fraudulent activity. Please submit the form below and someone will contact you shortly. Hellenic Shipping News - Version 1.

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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 , during a panel discussion on the manipulation of bills of lading attended by over delegates from banks, logistics companies and lawyers. Decline All. Apps in the same category. Necessary Cookies Needs to be Active. Package ID: gr. We may share information about how you use our site with our social media and analytics partners. Latest Version of Hellenic Shipping News 1. Barchart is committed to ensuring digital accessibility for individuals with disabilities. What's new add english content. By submitting this form you are opting in to receive email communications from Barchart for related product, service or company information, updates and announcements. Maintaining the integrity of the bill of lading is of paramount importance to all stakeholders in global trade. Voting Average rating. Perpetrators present such bills of lading to banks to facilitate fraudulent activity including money laundering, fraud, illegal capital flight and to by-pass sanctions. 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.