Verifying and Tracking a Bill of Lading has become more important in international trade transactions than ever. All trade finance professionals are very much concerned about money laundering and terrorist financing. Moreover, local, regional and international trade sanctions are another vital issue to deal with. You might be thinking, how verification of B/L or BoL can help in those issues! Bill of Lading at a Glance A Bill of Lading, sometimes called B/L and BoL, is essential for international trade. The Carrier of goods or shipping lines issues a Bill of Lading to the Shipper of the goods. A Bill of Lading looks like below: Usual Concern Regarding a Shipment in Trade Transaction In the normal course of business, an exporter-seller ships goods to the buyer as per the contract or LC. Then they send documents for collection. Then the buyer pays or accepts to pay and takes documents to release goods. In some cases, the buyer pays in advance, receives documents from the
When I noticed international trade finance aspirants are looking for valuable resources on issues and concerns in this area, I felt I must share my learning and experiences. I decided to note down all the issues relating to Banking, Finance, Commerce, and International Trade Finance in this blog as far as I can. Plus, I'll give all the useful links here. If you want more, write in the comments.