White & Case Highlights Increased U.S. Scrutiny of Trade Misinvoicing
By Heather Lowe, July 22, 2015
Law Firm Focuses Attention on Practice Illicitly Draining Over US$700 Billion per Year from Developing and Emerging Economies
While much of GFI’s focus is on improving the capacities of customs departments, it is unfortunately rare for us to find American law firms writing articles on customs issues applicable to our work. Attorneys at the global law firm of White & Case have recently published one worth reading, however.
The authors are noting the increase of U.S. enforcement in the customs area, and most of the cases cited involve trade misinvoicing/fraud, a practice which accounts for about 80 percent of GFI’s illicit financial flows estimates—illegally draining US$730 billion from developing and emerging economies in 2012.