About fraud

DIFFERENCE BETWEEN A TRANSFERABLE AND BACK-TO-BACK L/C. PART 1

A transferable letter of credit is often used in international trade while a back-to-back letter of credit (BBLC) is less common. What is the difference between these two instruments? Transferable and back-to-back letters of credit are usually used by trading companies or middlemen who are trying to facilitate a... More info >>>

DIFFERENCE BETWEEN A TRANSFERABLE AND BACK-TO-BACK L/C. PART 2

Banks are usually very selective to whom they can offer a BBLC. The client must have a good reputation with the bank and have long faultless experience in issuing export documents and working with letters of credit. Back-to-back L/Cs are not covered under UCP and there are no ICC rules... More info >>>

DELAY WITH THE PAYMENT MAY BE EXPENSIVE. PART 1

Many companies think if they have transferred partial pre-payment and the goods have been shipped the remaining amount can be paid later than it was agreed and without any consequences. This is often not true. This situation is very common in international business, especially when the goods are imported... More info >>>

DELAY WITH THE PAYMENT MAY BE EXPENSIVE. PART 2

Worse scenario of the above: the seller returns or sells the cargo but does not inform the buyer about it. The buyer pays the remaining amount and only after it the exporter informs him that the goods are on the way back (or sold to another company) because of... More info >>>

WHAT IS AN EXPRESS BILL OF LADING?

By understanding how an express B/L works importers and exporters can save time and avoid unnecessary costs. Express bill of lading is a form of transport documents issued by the ocean carrier or forwarding company. When working with this document the shipping line can issue only a copy of... More info >>>

TRADERS’ HARD LIFE. PART 1

One of the most unpleasant parts in middlemen’s business is that they have to rely on the words of their suppliers and buyers and based on this information communicate to their counterparties. Often this system fails. When two middlemen are trying to facilitate a deal between the supplier and... More info >>>

TRADERS’ HARD LIFE. PART 2

Now comes the most unpleasant part of the story. Three weeks later buyer C informed his partner that due to serious financial problems the company has to be reorganised. The old management is leaving the company and new directors would be appointed. As a result the company would not... More info >>>

NEED MEDICINE SUPPLIER

If you want to make easy money by selling vaccine to West Africa, just go ahead and answer the email below. Very soon you will be several thousand dollars short. Re: Supplier needed urgently. Dear Sir, I seek your help, attention and genuine co-operation to our mutual benefits and I believe that... More info >>>

FRAUDULENT SHIPMENTS UNDER FAKE B/Ls

Fake but very convincing shipping documents were issued for cargoes of garments and footwear that had never taken place. The ICC International Maritime Bureau (IMB) has identified a number of fraudulent shipments originating in India, all appearing on otherwise convincing shipping documents. IMB has identified the misuse of NVOCC Bills of... More info >>>

NEW PENALTIES FOR BRIBERY IN RUSSIA

The lower house of the Russian parliament increased the penalties for bribery and made a classification of the bribes. The Russian Duma classified the bribes in four groups: Ordinary bribe (amount lower than 25.000 Rub / appr. 620 Euros). The penalty for receiving such a bribe will be a fine between... More info >>>

Pages

BL International Limited
Tel: +350-54015717  info@blintl.com
Member of The Gibraltar Chamber of Commerce