Doha: The International Chamber of Commerce Qatar (ICC Qatar), in collaboration with the International Chamber of Commerce United Arab Emirates (ICC UAE) and Moody's, hosted a workshop titled 'Tales from the Trenches: Export and Import Risks, Trade Finance Disputes and New Sanctions Compliance Cases.' This workshop was an integral component of the ICC Outreach Initiative, a collaborative effort in which ICC National Committees come together to support their members in overcoming common obstacles and enhancing their business practices.

According to Qatar News Agency, the workshop discussed the tools required to effectively navigate the challenges of cross-border trade, from compliance to Trade-Based Money Laundering (TBML) and legal frameworks. The event attracted professionals from across the financial and trade sectors, including exporters, importers, legal experts, and compliance specialists, offering them valuable insights into the evolving complexities of international trade compliance, sanctions regimes, and risk management.

Vincent O'Brien, Director of ICC UAE, explored global trade trends and essential trade document workflows. He addressed common legal challenges and mechanisms to mitigate risks associated with trade finance instruments such as Standby Letters of Credit and Bills of Lading. O'Brien highlighted, "This event organized by ICC Qatar gave me the opportunity to share details of landmark trade finance disputes and litigation cases from various jurisdictions including Singapore and the United Kingdom."

Mohamed Daoud, Director and Industry Practice Lead for Moody's Financial Crime Compliance, Middle East and India, led an in-depth session on international sanctions regimes and the multi-dimensional challenges for compliance teams in banks and corporate sectors. The session covered critical issues such as corporate due diligence, sanctions evasion, and financial crime red flags. Daoud emphasized the importance of capacity-building in the banking and corporate sectors to address compliance challenges and mitigate risks.

Daoud also provided a comprehensive understanding of the high-risk nature of cross-border trade and how TBML continues to be a significant threat in the current global landscape. He concluded by noting, "The fight against financial crime in trade finance has intensified due to geopolitical sanctions related to the Ukraine conflict over the past three years. Financial institutions and corporations in trade finance, import/export, and cross-border business have additional tools at their disposal beyond traditional sanctions and PEP screening."