Blockchain in every port to curb misinvoicing suggests Tech for Transparency initiative
A new initiative called Tech for Transparency is calling for concept notes from parties interested in participating in its efforts to implement blockchain in every port and logistics transit point to ensure accuracy and integrity of global trade data. The initiative is being promoted by…
IFC and Switzerland to tackle East African misinvoicing
The International FinanceCorporation (IFC) and the Swiss government have jointly launched a business transparency initiative in East Africa that will address the issue of illicit financial flows (IFFs) through misinvoicing. The overarching aim of the initiative is to promote corporate leadership inEast Africa with the…
Rife misinvoicing blamed Myanmar’s $20bn illicit outflows drained resources
Nearly $20bn flowed illegally out of Myanmar between 1960 and 2013, according to a report by Global Financial Integrity (GFI). The non-profit watchdog over illicit financial flows says that smuggling of imports via fraudulent misinvoicing accounts for 71% of Myanmar’s illicit inflows while illicit outflows…
