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CreatedFriday, 11 January 2019
Last modifiedMonday, 20 January 2020
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The ICC International Maritime Bureau (IMB) has established a register for Non Vessel Owning Common Carriers (the Register).
The purpose of the Register is to improve anti-fraud standards and provide a mechanism to recognise participating NVOCCs who adhere to a minimum standard of anti-fraud measures in their operations.
It is noted that there is a prevalence of incorrect NVOCC bills of lading 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.