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Shutting fraudsters out of trade
The world’s 333 million companies support a global community of almost 8 billion people, all of whom rely on them to earn a living and live in a prosperous world. Businesses worldwide are battling an uncertain economic outlook with harsh macroeconomic conditions. Amid high energy prices, inflation, and monetary tightening, it is of paramount importance that the credit these businesses need to continue to trade globally remains available to them - and - that we further shut fraudsters out of trade.
Because of trade’s cross-border nature, fraud remains a problem, and one which has led to the retrenchment of financiers from the market – thereby contributing to the further widening of the trade gap. Preventing fraudulent events requires businesses, banks, governments, regulators and trade associations to work together to ensure that the global trade system continues to be a multi-trillion-dollar engine moving humanity forward.
The ICC-MonetaGo whitepaper provides practical steps the community can take to reduce the impact of fraudulent documents, multiple financing and fraudulent legal entities. These steps will further strengthen the trade finance community and help shut fraudsters out of trade finance.