NVOCC register created and minimum standards set for the issuance of NVOCC Bills of Lading

The International Maritime Bureau (IMB) estimates from its work in verifying Bills of Lading that over 95% of all improperly issued Bills of Lading are issued by – yeah you guessed it – Non-Vessel Owning Common Carriers (NVOCCs)..

The IMB identifed that there is a prevalence of issuance of incorrect NVOCC bills of lading by the NVOCC which is then presented to banks and other stakeholders in the trading and finance chain, with the aim of defrauding the trade finance system, possibly for the purposes of multiple financing, money laundering, etc..

The IMB has developed a business solution to mitigate the effects of this problem..

Read more >>>

The post NVOCC register created and minimum standards set for the issuance of NVOCC Bills of Lading appeared first on Shipping and Freight Resource.

Source: shippingandfreightresource.com