Seminar ‘recent developments in trade and financial frauds’

Wednesday 27 May 2020, Malietoren, The Hague

 

Expanding global markets, especially in emerging countries, offer business opportunities for all, including fraudsters and members of organized crime. Fraud in international trade is a risk with costly consequences for all parties involved.

Fraud affects traders, shippers, logistic companies, insurers, banks, and all other parties involved in international trade, transport and banking transactions. It is of vital importance to identify misuse and fraud before it happens, before documents are submitted or payments are transferred.

This seminar touches upon the different manifestations of fraud in international trade through case studies. The risks for all parties involved and how to prevent fraud and how to recover losses will be discussed.

Learning goals

  • Clearly understand the different types of fraud

  • Better understand a variety of fraud issues confronting importers/exporters

  • Benefit from the analysis of case studies on documentary credit and international trade finance frauds

  • Understand the role of banks in fraud

  • Learn how to identify and manage the risks associated with fraud

  • Gain insight in preventing fraud

Speakers

  • Michael Howlett, Director ICC Commercial Crime Services (London)

  • Hugo Verschoren, owner of goVer Trade Technologies, previously with ING, 40 years experience inside and outside Trade Finance (Antwerp)

  • Kees van de Meent, Partner-Attorney at Florent, Dutch member of ICC’s Fraudnet, co-author of the FraudNet Compendium on Asset Tracing and Recovery (Amsterdam)

Preliminary program

 

09.00 Registration

09.30

 

Welcome
By Marijke Wolfs, Secretary General, ICC Netherlands

09.45

 

 

 

 

 

Understanding trade finance fraud                                                                                                                                                                                                                    Introduction, prevention and remedies. What are the traditional trade finance frauds? What are the different manifestations of fraud in international trade? How do you spot the warning signs? What are risks to buyers and sellers?                                                                                                                                                                    By Michael Howlett

Recognizing trade finance fraud                                                                                                                                                                                                                               Steps to take in case of suspicion of fraud. How to recognize red flags and criminal behaviour in advance to avoid losses? Manipulation and abuse of the trade finance system. Sanctions and the development of misrepresented bills of lading.                                                                                                                                              By Michael Howlett

12.30 Lunch

13.30

 

 

 

 

 

 

 

 

 

 17.00

 

Risks & consequences for banks offering trade finance services                                                                                                                                                                      Risks to banks and money laundering in trade finance will be discussed. How is the trade finance system manipulated for laundering money? How should raditional due diligence by banks be changed to meet the new threats and how does it effect the corporates.                                                                                            By Hugo Verschoren 

Recovery of losses                                                                                                                                                                                                                                                          How can duped businesses and private parties recover their losses? How can fraudsters be traced? What are the do’s and don’ts? What are the restrictions and solutions available to victims seeking recompense? Based on practical cases, participants will gain insight in which steps to take in international asset recovery.  By Kees van de Meent

Other cargo and insurance frauds
Steps to take in case of suspicion of fraud, illegal deviations, losses of cargo, charter party failures, the use of the container to commit frauds, container theft, diversion of cargoes and other trade problems and piracy & hijacking will be discussed
By Michael Howlett

Panel discussion and Q&A

Concluding remarks, drinks & networking

 

 

 

 

 

 

 

 

 

 

 

 

Target audience
Trade finance managers, export and import managers, shipping and logistics managers, in-house counsel, and lawyers engaged in ‘trade finance’ and ‘commercial law’ of insurance companiesshippers, logistic companies and banks

Registration

Please contact ICC Netherlands by sending an e-mail with your name, company’s name, address, telephone number and number of participants to: info@icc.nl

Once you are registered, you will receive an invoice.

For questions, please contact ICC Netherlands by sending an e-mail message to: info@icc.nl

For members: €450,- (excluding VAT/BTW, including lunch and drinks)

For non-members: € 575,- (excluding VAT/BTW, including lunch and drinks)

Registration is limited and will close on 20 May 2020, end of day. Registrations cancelled after 22 May 2020 will be charged in full.

Early Bird fee until 16 March

For members: €375,- (excluding VAT/BTW, including lunch and drinks)

For non-members: €475,- (excluding VAT/BTW, including lunch and drinks)

Questions

Please contact ICC Netherlands by sending an e-mail message to: info@icc.nl

Gaat u akkoord met de voorwaarden voor dit evenement, zoals beschreven in het programma?