Pakistan Customs has become the first authority in the region to sign an agreement with TradeLens, a blockchain-underpinned logistics platform supported by five out of six of the world’s largest ocean carriers to digitise import-export documentation of containerised cargo.
Jointly developed by Maersk and IBM, the TradeLens platform is expected to help the recently established Pakistan Single Window (PSW) in its efforts to modernise its import-export documentation through a safe and secure, paperless, digital solution to strengthen its controls against trade-based money laundering (TBML).
Pakistan Customs announced in November the formal launch of its PSW, the country’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway (Trade-based Financial Crime, 5 November 2021).
Integrating PSW with the TradeLens blockchain platform is expected to help Pakistan Customs and other trade regulators to improve their operational efficiency.
The immutability of blockchain-underpinned document information is important in the identification of illegal activities, including TBML typologies such as misinvoicing and double invoicing.
TradeLens is a neutral platform that brings together data from the entire global supply chain ecosystem including shippers, cargo owners, freight forwarders, intermodal operators, customs and government authorities, ports and terminals, and several ocean carriers.
This data allows TradeLens and its network partners to modernise manual processes and paper-based documents by replacing them with blockchain-enabled digital solutions.
It also allows the network partners to provide their customers with deeper visibility into the entire journey of their cargo from origin to destination and reduce uncertainty, thus allowing for better planning and reduced inventory costs.
Categories: Trade Based Financial crimes News