Latest news with #BillofLading
Time of India
7 hours ago
- Business
- Time of India
Pakistan caught red-handed again: FATF's new report exposes the dirty tricks of Islamabad
Mis-declaration and dual-use materials raise proliferation concerns April terror attack in Pahalgam linked to financial networks Live Events India calls out state-sponsored terrorism in risk assessments FATF case echoes past proliferation network run by AQ Khan (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel In a striking revelation, the Financial Action Task Force (FATF) has cited a 2020 case where Indian authorities intercepted a shipment of missile-related equipment headed for Karachi, exposing Pakistan's use of mis-declared dual-use goods linked to its ballistic missile programme. The global watchdog's latest report highlights how the consignment, traced to Islamabad's National Development Complex, was disguised in shipping documents — a move seen as part of Pakistan's ongoing efforts to bypass international controls and fuel to the FATF report, Indian investigators stopped a cargo ship carrying autoclaves — specialised equipment used for high-energy materials and missile motor components. The shipment had been falsely declared in its documentation. The Bill of Lading, submitted with the consignment, showed a direct connection between the importing party and Pakistan's National Development Complex, a facility known for developing long-range ballistic missiles. This detail was first reported by The Times of India (TOI).FATF noted that such dual-use goods can support missile and weapons development programmes when exported without proper declarations. The watchdog cited the Pakistan-linked case as a key example of how weak export controls and mis-declarations can lead to violations of international case also reinforces FATF's growing concerns around the global trade in proliferation-sensitive goods. The watchdog said this incident illustrates how state-linked entities may attempt to bypass regulations by disguising the nature and end use of sensitive its broader statement, FATF also referred to a terror attack in Pahalgam, Kashmir, on April 22, which resulted in the deaths of 26 people. 'The April 22 attack in Pahalgam, Kashmir, which claimed 26 lives, would not have been possible without financial support,' the FATF said in its report. It added that a detailed document covering terror financing cases — including those linked to state-sponsored actors — will be released told PTI that the FATF's decision to publicly mention the Kashmir incident marked a rare but clear signal from the international body. Indian officials interpreted the move as growing recognition of the financial networks behind cross-border terror attacks. According to Indian sources, the Pahalgam attack was carried out by militants who were trained in National Risk Assessment has identified terrorism financing from state actors — with Pakistan prominently named — as a significant national security threat. The FATF currently monitors 24 countries on its 'grey list' for strategic gaps in anti-money laundering and counter-terrorism finance systems. Countries under grey-listing face increased scrutiny from international financial institutions and risk reduced investor this context, Indian authorities are preparing a formal dossier highlighting Pakistan's compliance failures. The document is expected to be presented during the Asia Pacific Group meeting on August 25 and the FATF plenary session on October 20. Officials have confirmed that India will push for Pakistan's re-inclusion in the grey list, citing new latest focus on proliferation threats also brings back attention to earlier instances of nuclear material trafficking tied to Pakistan. One of the most significant of these was the network operated by Abdul Qadeer Khan, widely known as the 'father of Pakistan's nuclear bomb.'As reported by TOI, Khan began acquiring uranium enrichment technology from Europe in the 1970s. He later used this knowledge to help build Pakistan's nuclear programme and exported the same expertise to Iran, North Korea and Libya through a global black-market network. 'He reportedly earned $100 million from Libya alone,' the report AQ Khan network was exposed in 2003 and was found to have operated through a complex web of intermediaries across more than 20 countries. The fallout from the operation led to years of global concern about nuclear proliferation risks, and raised serious questions about oversight and control within Pakistan's strategic institutions.(With inputs from TOI)
Time of India
8 hours ago
- Business
- Time of India
'Involved in development of ballistic missiles': FATF calls out Pakistan for flouting norms; India may use dossier to push for sanctions
A new report from the Financial Action Task Force (FATF) has cited a case involving Pakistan's missile development programme, referencing a shipment seized by Indian customs officials in 2020 that was bound for Port Qasim in Karachi. Tired of too many ads? go ad free now The FATF case study outlines how dual-use goods, including equipment critical for ballistic missile technology, were mis-declared in export documents and linked directly to Pakistan's National Development Complex, which is known to be involved in the development of long-range ballistic missiles. The FATF report reveals that Indian investigators intercepted a cargo ship falsely declaring autoclaves, equipment used for high-energy materials and missile motor components. 'The Bill of Lading of the seized cargo provided evidence of the link between the importer and the National Development Complex,' the report noted. This latest disclosure comes as FATF increases its scrutiny of state-sponsored terrorism, particularly following the April 22 terror attack in Pahalgam, Kashmir, which left 26 dead. In a public condemnation, FATF said: 'This, and other recent attacks, could not occur without money and the means to move funds between terrorist supporters.' As per PTI sources, India is likely to use this FATF disclosure in its dossier to push for Pakistan's return to the FATF grey list. The upcoming Asia Pacific Group meeting in August and the FATF plenary in October may see renewed calls for sanctions or monitoring. According to officials cited by PTI, the inclusion of 'state-sponsored terrorism' in the FATF's upcoming analysis marks a significant step in acknowledging Pakistan's involvement in funding and facilitating terror operations. Tired of too many ads? go ad free now The incident flagged by FATF, which occurred in February 2020 at Kandla port, saw authorities act on intelligence regarding a suspicious Hong Kong-flagged ship, Da Cui Yun, that had departed from China's Jiangyin port, TOI had reported. Officials seized a massive pressure chamber described as a pipe-like object, 35-40 feet in length, now confirmed to have potential ballistic missile applications. Experts from the Defence Research and Development Organisation (DRDO) joined a high-level investigation into the cargo, amid tight-lipped responses from customs due to the national security implications. Also read: The FATF report also highlighted the growing global risk from proliferation financing (PF), especially concerning state and non-state actors acquiring dual-use technologies for weapons of mass destruction (WMD). 'The proliferation of weapons of mass destruction and related financing represents a significant threat to global security and the integrity of the international financial system,' the report warns, adding that failure to implement effective controls could allow actors to exploit weaknesses in global export and financial systems.
Business Recorder
05-05-2025
- Business
- Business Recorder
SRO issued regarding import ban on India
ISLAMABAD: The Government of Pakistan has formally imposed a ban on the import, export, and transit of goods of Indian origin — including those routed through third countries — citing national security and public interest. However, Islamabad has granted exemptions for consignments that already have a Bill of Lading (B/L) or Letter of Credit (L/C) issued before the implementation of this order. Pakistan closes airspace, suspends trade with India The Ministry of Commerce (MoC) issued a new Statutory Regulatory Order (SRO) — 750(1)/2025 — on Sunday, May 4, 2025. Invoking powers under sub-section (1) of Section 3 of the Imports & Exports (Control) Act, 1950 (XXXIX of 1950), the Federal Government has enforced the following prohibitions: (i) import of goods of Indian origin by third countries via sea, land, or air transiting through Pakistan; and (ii) export of goods by third countries to India via sea, land, or air transiting through Pakistan. According to the SRO, these prohibitions do not apply to shipments for which B/L or L/C was issued prior to the date of this order. Copyright Business Recorder, 2025
Yahoo
23-04-2025
- Business
- Yahoo
Improving Financing Flow: CZ Cuts Trade Financing Processing Time with Mizrahi Tefahot Bank in the UK by 95% with WaveBL Digital Documentation
WILMINGTON, Del., April 23, 2025 /PRNewswire/ -- The OpportunityAs a leading supply chain services company operating in the UK, CZ, sought to streamline its trade finance operations and reduce the time-intensive processes associated with paper-based trade documentation. Traditional trade processes often involve multiple parties, high administrative costs, and lengthy timelines. This creates friction in global trade, particularly for fast-moving commodities like sugar. The growing adoption of digital trade solutions, such as electronic Bills of Lading (eBLs), allowed CZ to embrace fully digital trade documentation, enabling faster financing, reduced costs, and greater operational efficiency. The Solution CZ successfully executed its first fully digital trade financing transaction using WaveBL. This milestone transaction showcased the power of end-to-end digital trade processes: Issuance of eBL: The Mediterranean Shipping Company (MSC) issued an electronic Bill of Lading (eBL) on WaveBL and transmitted it to CZ. Compilation of Supporting Documents: CZ added electronic versions of the necessary trade documents, such as invoices and letter of instructions to the bank, to the WaveBL platform. Document Submission to the Bank: CZ sent the eBL and supporting documents to Mizrahi Tefahot Bank LTD, UK via WaveBL for review and processing. Financing Approval: The bank validated the documents against compliance requirements and promptly provided financing to CZ. Document Transfer to Importer: The bank forwarded the complete set of electronic documents to the importer in Israel, ensuring a seamless and efficient transaction. This streamlined process eliminated the need for physical documentation, saving significant time and reducing administrative burden for all parties involved. By now, CZ, fully transformed the flow and completed dozens of transactions. The Impact CZ experienced transformative benefits from this digital-first approach: Faster Financing: Traditional transactions take several days to get to the bank, and take 15–25 days until reaching the importer. This is now completed in hours, enabling quicker access to working capital. Enhanced Security: Documents were transmitted securely via WaveBL's blockchain-backed platform, mitigating risks associated with physical document loss or forgery. Cost Savings: The elimination of paper documentation reduced courier costs, printing expenses, and administrative overhead. Seamless Collaboration: WaveBL's platform provided a unified space for collaboration between CZ, its financial institution, and MSC, ensuring all parties remained synchronized throughout the process. "This digitised way of working represents a turning point in how we approach trade finance. By adopting WaveBL's digital platform, we've cut processing time from weeks to hours while ensuring security and transparency at every stage. This success sets a strong foundation for leveraging digital trade documentation in future operations."— Tanya Epshteyn, Associate Director, Head of Structured and Trade Finance, CZ CZ's journey showcases how fully digital trade documentation can revolutionize the way businesses manage international trade. By leveraging WaveBL, CZ demonstrated the power of faster financing, reduced costs, and secure collaboration. This success sets a benchmark for companies across industries, proving that embracing digital trade solutions is essential for staying agile, efficient, and competitive in today's global market. The bank, Mizrahi Tefahot Ltd in the UK, by using the WaveBL platform, allows its customers access for a very efficient and friendly way to manage their trade documentation, increasing their satisfaction from the services they receive. "The type of deals that CZ manage with their bank showcase that electronic trade is not limited to Letters of Credit and Collection but is everywhere in the Global Trade Finance arena." says Ofer Ein Bar, VP Financial Institutions at WaveBL. "The use case of using electronic documents to shorten the preliminary processes to financing, and at the same time reduce costs with a friendly and efficient user experience is a game changer for Global Trade. It will help to resolve the huge gap of financing so needed to support the growth of global trade." Photo - For inquiries: Ofer Ein View original content: Sign in to access your portfolio
Yahoo
10-04-2025
- Automotive
- Yahoo
Crum & Forster Expands TripExcess, Offering On-Demand Excess Insurance for Motor Carriers
MORRISTOWN, N.J., April 10, 2025 /PRNewswire/ -- Crum & Forster (C&F) announces enhancements to its proprietary TripExcess® program and portal, introducing new coverage options while further streamlining how motor carriers secure excess insurance. TripExcess provides a fast, flexible alternative to traditional annual excess policies. It allows motor carriers to obtain coverage on demand through a seamless online portal. Users can quote, bind, and obtain certificates of coverage in a single transaction, ensuring they have the necessary protection when and where they need it—without committing to an annual policy. Prior to the enhancements, TripExcess coverage was tied to a Bill of Lading, ensuring protection for specific trips. Now, motor carriers have an additional option: Vehicle-Specific Coverage, which links insurance to the pulling unit's Vehicle Identification Number. This enables coverage for multiple pick-ups and deliveries within a defined timeframe, giving motor carriers even greater flexibility. Excess insurance is often required when shippers or brokers mandate higher limits for specific commodities or shipments in general. However, annual policies may not be cost-effective for all operations—especially motor carriers only needing high limit a few times per year. By expanding TripExcess, C&F addresses these challenges, providing customizable, affordable solutions that help motor carriers meet contractual obligations while boosting their profitability. "Crum & Forster recognizes that motor carriers operate differently, and flexibility is key to their success," said Jennifer Vogel, Senior Product Manager at Crum & Forster. "With these new enhancements to our TripExcess program and portal, C&F is making excess coverage even more easy and accessible—whether motor carriers need protection per trip or per vehicle. We aim to deliver robust, flexible, and affordable solutions that help protect motor carriers in an evolving marketplace." For more information, visit About Crum & ForsterCrum & Forster ( is a leading national property, casualty, and accident & health insurer, providing specialty insurance products through its admitted and surplus lines insurance companies. Founded in 1822, C&F is one of the oldest U.S. insurance companies, and today conducts business through a network of independent agents, brokers and wholesalers. C&F had $5.7 billion in gross written premium in 2024 and is rated "A" Excellent by AM Best (2024).The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company. To learn more, follow us on LinkedIn, X and Instagram. Media ContactAmy WhilldinAVP, Public Relations & Communicationsmediainquiries@ C&F, Crum & Forster and TripExcess are registered trademarks of United States Fire Insurance Company. Coverage through TripExcess is only available through Crum & Forster Insurance Brokers, Inc., a licensed surplus lines broker (CA License #0E14610). View original content to download multimedia: SOURCE Crum & Forster
