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The IMB aware of the escalating level of this criminal activity, wanted to provide a free service to the seafarer and established the 24 hour IMB Piracy Reporting Centre (PRC) in Kuala Lumpur, Malaysia.
A newsletter about fraud and global asset recovery from the office of International Chamber of Commerce's FraudNet. To read about key asset recovery cases and global compliance with anti-fraud and money-laundering laws, please click in the link above for the Newsletter PDF.
CCS offers a flexible membership arrangement based on the selection of predetermined membership packages. A prospective member can elect to join one or more Bureaux according to their requirements.
Losses due to official misconduct account for a great many maritime trade incidents. Each incident can be complex and wide-ranging in nature. It is therefore unlikely that any one company will have the knowledge and resources to be able to investigate it thoroughly.
Everyone in business knows that financial fraud is a growing threat. The question is how best to deal with it. No financial services business is immune and now there is increasing pressure by regulators upon the industry to meet international standards of know-your-customer.
The ICC's Financial Investigation Bureau (FIB), has received numerous reports of irregularities stemming from banks registered in Anjouan, Comoros Islands, off the east coast of Africa. Specifically, the FIB has learned of several incidents where offers of trade financing, commercial lending or asset-backed lending were made against false financial instruments such as Letters of Credit, Standby Letters of Credit, and Bank Guarantees.
The ICC’s International Maritime Bureau (IMB) reports that acts of piracy are increasing at an alarming rate off the eastern coast of Somalia. Fifteen violent incidents have taken place since mid-March of this year. This is a dramatic increase compared with only two such attacks in all of 2004. Ships sailing in these waters are advised to be extremely cautious.
The ICC Financial Investigation Bureau (FIB) is warning investors based in the Middle East to be wary if offered the opportunity to invest in any pre-IPO (Initial Public Offering) companies. The FIB is also recommending that caution be exercised in responding to any large-scale regional glossy magazine or newspaper advertisements making similar offers.