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2011-04-15

India seeks curbing illegal bills

The report published in Thursday's Economic Times newspaper said that the initiative follows increasing realisation that global trade mispricing is now the single biggest means of moving illicit money

India seeks curbing illegal bills

India along with US, Belgium and South Africa are seeking help from globally networked customs departments to prevent movement of illicit funds through wrong invoicing of exports, a recent media report said.

The report published in Thursday's Economic Times newspaper said that the initiative follows increasing realisation that global trade mispricing is now the single biggest means of moving illicit money across national borders.

Such a system can prevent loss of revenue to nations and check money laundering by expeditious interchange of crucial data. A detailed policy paper is expected to be taken up at a crucial meeting of the World Customs Organisation in June, said a finance ministry official.

Meanwhile a report by Global Financial Integrity says that trade mispricing accounted for an average of 54.7% of cumulative illicit flows from developing countries over 2000-2008.

For instance, if authorities are aware that an importer has declared value of goods lower than the price in Experts say such a system can help create a risk-based model and facilitate trade, the report added.

 

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