A new initiative, aimed at tackling the problem of counterfeiting in the shipping sector, has been welcomed by the International Hologram Manufacturers Association (IHMA.)
The industry trade body says the new Know Your Customer (KYC) Best Practices* is a significant step forward in the attempt to reduce the volume of counterfeits shipped around the world.
The KYC lays down a voluntary framework which shipping companies can use to ensure they know more about who is shipping products on their vessels.
According to a report by the Organisation for Economic Co-operation and Development, the value of global trade in counterfeit goods in 2013 amounted to US $461 billion.
All those involved in the global supply chain, including brand owners, vessel operators, freight shipping companies and trade authorities, will benefit from an initiative that tackles the ‘massive’ global counterfeiting issue, says the IHMA.