Marine Insights masterclass on understanding Bill of Lading frauds

Monday, 28 October 2019 00:00 - - {{hitsCtrl.values.hits}}

Initiative by Shippers’ Academy Colombo

Billions of dollars’ worth of merchandise are globally shipped around through multi-modal transport modes to reach customers. Almost 90% of it is done by ocean cargo, while the rest is done by air and land transportation.

Under different international conventions, carriers issue transport documents as proof of ownership, receipt, etc., to negotiate the international transactions, and these documents issued by the carriers are called Bills of Lading (BL).

However, most traders and international practitioners are unaware of the risks that are attached to the BLs due to fraudsters manipulating such documents to get hold of valuable cargo while goods are in transit. The International Maritime Organisation (IMO) has a special unit to monitor BL frauds.

It is vital that exporters and importers as well as service providers and banks understand the possible frauds that can happen through the BL in the modern and the complex world of international trade.

The Shippers’ Academy Colombo has organised a masterclass on BL frauds on 30 October at the Plastics and Rubber Institute Auditorium, Rajagiriya, from 8.30 a.m. to 12.30 p.m. Interested parties, please e-mail [email protected], call 0773820703/0113560844, or visit www.shippersacademy.lk