Fraud in Trade Finance Masterclass | 2 October 2024

Members - Free, Non-members - £100 +VAT October 2, 2024 15:00 - 19:00 K&L Gates LLP, 1 New Change, London, EC4M 9AF

ICC produces universally accepted rules and guidelines that govern the trade finance industry, including UCP 600, eUCP, URDTT. These include documentary credits, forfaiting, demand guarantees, bank payment obligation and dispute resolution that help ensure access to finance and allow companies to mitigate risks in the import and export of goods and services and operate with security and predictability.

ICC is a global institution, therefore we are uniquely positioned to convene world-class speakers and thought leaders for a masterclass on Fraud in Trade Finance.

This masterclass will include sessions including:

World of fraud: setting the scene and overview of the Trade Digitalisation Taskforce fraud paper, “Preventing Fraud in Cross Border Trade”
A deep dive into the paper and its recommendations
Case Studies: real-life fraud cases, and their impact – common fraud scenarios, red flags and warning signs
Technology and tools for fraud prevention

WEDNESDAY 2 OCTOBER 2024

15:00

Arrival

15:15

Welcome
Ian Meredith, Partner, K&L Gates

Introduction
David Meynell, Senior Technical Advisor, ICC Banking Commission / Vice Chair, UK Trade Finance Committee

15:20

Tackling fraud in trade; recommendations to government

Fraud, in all its forms, acts as a drag on economic growth, increasing the cost of trade and diverting valuable resources that could otherwise be used more effectively to increase trade and deliver growth. The Economic Crime and Corporate Transparency Act (ECCTA) of 2023 introduced a new “failure to prevent fraud” offence in the UK. The new offence makes an organisation liable if it fails to prevent fraud and false accounting offences (those under the Fraud Act, Theft Act, Companies Act and common law).

This session will look at newly presented recommendations to government from the Trade Digitalisation Taskforce. The recommendations highlight how digitalising trade and the smarter use of technology solutions present a real opportunity to automate, improve efficiency and accuracy in a real time environment, to shut fraudsters out of trade.

Speakers:
Chris Southworth, Secretary General, ICC United Kingdom
John Omoti, VP – Head of Supply Chain Finance (Product Management & Origination), Bank of China
Todd Bose, Director, CFCC Advisory, Transaction Banking & Client Coverage, UK & Europe, Standard Chartered
Jaya Vohra, Managing Director, Global Head of Trade & Working Capital Product & Client Management, Barclays
Tod Burwell, President & Chief Executive Officer, BAFT