International Trade Today is providing readers with some of the top stories for Oct. 7-11 in case they were missed.
CBP posted its full assessment from the proof of concept (POC) for blockchain using NAFTA and CAFTA certificates of origin. The assessment includes praise and some criticisms of the test (see 1903060043), though agency officials questioned some of those concerns (see 1903200020).
Sen. Bill Cassidy, R-La., says Congress needs to counter trade-based money laundering, perhaps by directing federal agencies to track shipping manifests and financial information in real time. One-way trade-based money laundering happens when one party sells another party goods at an artificially low rate, and the receiving party is able to sell the goods for the true value, Cassidy's white paper said. Currently, he said, "There is no requirement that the information contained in the manifest match the information in the invoice."
International Trade Today is providing readers with some of the top stories for Aug. 19-23 in case they were missed.
CBP should provide more information through ACE to importers about detention and seizures involving intellectual property rights, the Commercial Customs Operations Advisory Committee IPR Working Group said in draft recommendations released ahead of the Aug. 21 meeting (see 1908160030). "There needs to be a linkage between the detention outcome and the subsequent seizure determinations," the working group said. "Currently, seizure notices do not refer or tie to detentions. There should be the ability to connect and trace detentions to seizures. As a short-term solution, the CBP Centers of Excellence & Expertise should work with their Partnership accounts to share this information."
The Commercial Customs Operations Advisory Committee (COAC) for CBP will next meet Aug. 21, beginning at 1 p.m. EDT, in Buffalo, New York, CBP said in a notice.
The Congressional Research Service gave a broad overview of the potential applications and regulations involved in blockchain and international trade, in a report updated June 25. Among other things, the CRS discusses the ongoing exploration of blockchain uses within CBP. There remains much uncertainty as to where regulators will fit in, the CRS said. "Congress may conduct oversight or hold hearings on regulatory uses of blockchain for increasing the efficiency and security of customs and border control, food and product safety supply chain traceability, or other applications," it said. "Congress may also conduct oversight to review how regulatory agencies are applying existing laws and regulations to blockchain or to study how other countries are applying and regulating the use of the technology. Congress may review existing legislation to identify barriers to the technology, such as statutory requirements for paper documentation."
CBP should work toward global data standards to help propel blockchain use for customs, the Commercial Customs Operations Advisory Committee (COAC) Next Generation Facilitation Subcommittee said in draft recommendations. CBP released the document ahead of the May 30 COAC meeting. "COAC recommends that in order to encourage the adoption of blockchain, CBP should strive for global data standards and protocols consistent with WCO principles that promote trade facilitation, transparency and compliance in the context of cargo entry, clearance/release and post entry review/audit processes."
The Commercial Customs Operations Advisory Committee (COAC) for CBP will next meet May 30 in Laredo, Texas, CBP said in a notice.
Trade finance, customs clearance and country of origin verification are three areas where blockchain can “transform international trade” by making transactions faster, more efficient and more transparent, according to a recently published study from the Mercatus Center at George Mason University. The financial, trade and retail industries are currently testing or implementing blockchain technologies in each of these areas in an effort to explore the benefits of blockchain, though cooperation between the public and private sectors is necessary for the technology to mature, the study said.