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BY MONICA DOBIE
INSTANCES of Phantom ship fraud may decrease in the future because of a law dating back to 1906 that was recently invoked in a Hong Kong court for the first time.

Section 44 of the Marine Insurance Act (MIA), a law replicated in many Commonwealth countries, was used to defeat the owner of missing palm oil cargo worth US$2.5 million aboard the ship the Pacifica that had gone missing in the high seas.…

BY MONICA DOBIE
UNDERWRITERS in Hong Kong have set a precedent by invoking a law for the first time that dates back to 1906, to avoid paying a claim on cargo that disappeared in the high seas aboard a phantom ship.…

BY ALAN OSBORN
THE EUROPEAN Commission today (Tuesday) announced proposed new legislation to bring in compulsory minimum insurance requirements for all air carriers and aircraft operators flying within, into, out of or overflying the European Union. It is also considering the merits of creating a mutual fund in the probable event that governments decided against maintaining the current state guarantees after the end of October this year.…

BY KEITH NUTHALL
THE INTERNATIONAL community is expected to make solid progress towards the creation of a United Nations Convention against Corruption, during the ongoing third meeting of the ad hoc committee established to draft the treaty.

This session, which lasts until October 11 will especially focus on corruption within the private sector.…

BY ALAN OSBORN
A NEW “smart card” for health and safety to be launched in the UK next year could have important implications for insurance companies in the occupational safety and health field. The so-called Prevencard is being marketed by the Spanish company Grupo Prevencard International using technology developed under the EU’s 5th Framework Programme for research.…

BY KEITH NUTHALL
THE RICHES that can be made from the illegal ivory trade are well known, but what of illicit imports and exports of rare flowers. Shipping protected orchids to Europe, Japan and north America can make criminals a lot of money.…

BY MATTHEW WELLS
A NEW survey of business leaders in the United States carried out by the security professionals’ organisation ASIS International, PricewaterhouseCoopers, and the US Chamber of Commerce has indicated that around US$59 billion dollars-worth of intellectual property and information were stolen in America over the year to last June.…

BY MARK ROWE
MONEY launderers looking to process their criminal gains look favourably upon south-east Asia. Authorities in the region are under-funded and overworked, while cash-transactions are a cultural norm, making it easy to ensure that money you would prefer not to be traced can simply disappear, with little likelihood that anyone will have the time to investigate the transaction.…

BY ALAN OSBORN
BRITAIN is being brought before the European Court of Justice for its failure to adopt EU legislation insisting on the mutual recognition of professional qualifications of harbour pilots. The European Commission said the UK had failed to put into national law the directive 1999/42/EC and said this was “likely to prove an obstacle to the free movement of workers, freedom of establishment and freedom to provide services in the sectors concerned.”…

BY SWINEETHA DIAS WICKRAMANAYAKA
THE INDIAN government has been asked to designate the Himalayan state of Sikkim’s Bagdogra Airport as an international terminal, taking foreign flights, in a bid to boost the region’s tourist industry. The formal proposal has come from the Sikkim Hotel and Restaurant Association.…