Phantom Shipping/Phantom Shipment:
In Trade Based Money Laundering (TBML), Phantom Shipping or Phantom Shipment is one the techniques where no goods actually shipped or no shipment has taken place but documents are presented to show that as if it is a valid shipment. The presented documents of shipment of goods are fabricated or falsified. In Phantom Shipping both the importer and exporter are involved. Their ultimate goal is to transfer of fund illegally from one place to another or one country to another country. They (buyer and seller) involved in money laundering through trade activities applying phantom shipping technique. The importer (buyer) makes the payments to exporter (seller) of goods which were not shipped. The importer (buyer) shows false invoices received from exporter (seller) and other shipping documents to different authorities to prove that the seller sends goods to him though goods were not received or were not shipped.
Published Date: 18/07/2023
Related Search: