President Buhari, who called on security agencies in Africa to tighten the loop against IFFs
, blamed the rising security challenges in Africa on people who siphoned funds out of the continent illegally and use same to procure ammunition to foist unrest on the people.
) is a key contributory factor for the economic under-performance of developing countries and a major obstacle to poverty eradication," the Pakistani envoy said.
It defines IFFs
as 'money that is illegally earned, used or moved and which crosses an international border.'
The liquid assets ratios (especially the net liquid assets ratio) remain tighter than the sector average, due to a high proportion of IFFs
in total assets and a fairly high level of interbank funding.
It calculates IFFs
as the sum of two components that are Gross Excluding Reversals and Hot Money Narrow.
About 60% of IFFs
are believed to leave through tax evasion and profit-shifts by corporates, followed by corruption and criminal activities, which account for around a third of the total.
The conference will reinforce IFFS
' enviable reputation as Asia's one-stop furniture and furnishings sourcing platform that is a "must-visit" event for international buyers and industry players.
Consequently, sp ecialist IFFs
conversant in international trade procedures burgeoned to meet traditional shippers' third-party requirements.
A lot of efforts are ongoing to achieve this and support developing countries to end the IFFs
,' Bhatia said.
The Internet is increasingly being recognized as an integral component of effective and efficient information management systems for shippers, transport carriers, and logistical intermediaries such as IFFs
.  Moreover, the Internet is viewed by some industry experts as absolutely essential to a forwarder's corporate survival into the next millennium; failure to embrace the Internet has been likened to "rolling the dice."  Because the Internet allows IFF
customers to perform many of the forwarders' traditional functions (e.g., booking vessel space, preparing relevant documentation), it is incumbent upon IFFs
to develop meaningful value-added services (e.g., analyzing and anticipating customer buying patterns) involving the Internet.