ICC Qatar holds workshop on trade compliance, risk management

The International Chamber of Commerce Qatar (ICC Qatar), in collaboration with the International Chamber of Commerce United Arab Emirates (ICC UAE) and Moodys, hosted a workshop titled Tales from the Trenches: Export & Import Risks, Trade Finance Disputes and New Sanctions Compliance Cases.This workshop was an integral component of the ICC Outreach Initiative, a collaborative effort in which ICC National Committees come together to support their members in overcoming common obstacles and enhancing their business practices.The workshop discussed the tools required to effectively navigate the challenges of cross-border trade, from compliance to Trade-Based Money Laundering (TBML) and legal frameworks.The workshop attracted professionals from across the financial and trade sectors, exporters, importers, legal experts, and compliance specialists, offering them valuable insights into the evolving complexities of international trade compliance, sanctions regimes, and risk management.Director of ICC UAE Vincent O'Brien explored the global trade trends and essential trade document workflows. He also addressed common legal challenges and mechanisms to mitigate risks associated with trade finance instruments such as Standby Letters of Credit and Bills of Lading."This event organized by ICC Qatar gave me the opportunity to share details of landmark trade finance disputes and litigation case for various jurisdictions including Singapore and the United Kingdom. The cases provided guidance to participants on pitfalls to avoid and showed them the importance of awareness and the correct application of ICC rules for trade practice," OBrien said.In turn, Director and Industry Practice Lead for Moody's Financial Crime Compliance, Middle East and India Mohamed Daoud led an in-depth session on international sanctions regimes and the multi-dimensional challenges for compliance teams in banks and corporate sectors. The session also covered critical issues such as corporate due diligence, sanctions evasion, and financial crime red flags.Daoud also provided a comprehensive understanding of the high-risk nature of cross-border trade and how TBML continues to be a significant threat in the current global landscape. Moreover, he emphasized the importance of capacity-building in the banking and corporate sectors to address compliance challenges and mitigate risks."The fight against financial crime in trade finance has intensified due to geopolitical sanctions related to the Ukraine conflict over the past three years. Financial institutions and corporations in trade finance, import/export, and cross-border business have additional tools at their disposal beyond traditional sanctions and PEP screening. For instance, they could conduct due diligence using corporate aggregate ownership and ultimate beneficial ownership information to help identify potential shell companies and hidden entities that may be used to evade sanctions," the Director and Industry Practice Lead for Moody's Financial Crime Compliance, Middle East and India concluded.