Recent Posts by IIBLP

Back to Back LCs & Money Laundering

trade based money laundering

Back to Back LCs seen as Money Laundering Tool

DCW reports in the current issue that so called "back to back LCs" are increasingly being used in money laundering and terrorist financing schemes. Reporting from a recent AML, Compliance and...
Read more

DCW’s Presents: LC Statistics

LC Statistics Spotlight

DCW LC Statistics Each year, DCW produces quarterly LC statistics, displaying and ranking commercial LC, Standby and Guarantee activity for US banks and Non-US Banks with domestic branches. Using these statistics, we've put together a series of graphics depicting two different sets...
Read more

Authenticated SWIFT Messages in LC Transactions

SWIFT Messaging

Key Court Case for SWIFT Authentication in LCs

The subject of extensive discussion at the recently concluded 2017 Americas Standby & Guarantee Forum in New York City, the 2001 case of Industrial & Commercial Bank Ltd. v. Banco Ambrosiano Veneto S.P.A....

Read more

Hold for Value – Financial Guarantees

hold for value

Hold for Value – What Does It Mean?

Hold for value requests, also known as ‘extend or hold for value’ or ‘pay or hold for value’, allow the beneficiary to avoid making a drawing on the guarantee or counter guarantee, serving...
Read more

European Banks Sign Deals with Iran, Suggesting More Will Come

Iran Sanctions

US Sanctions Typically Keep Banks Away

While most banks typically shy away from doing business with Iran for fear of contravening US sanctions, Austrian Oberbank and Danish Danske Bank have reportedly signed deals with Iran for lines of credit.

New Lines of Credit

According to Reuters, Oberbank’s...
Read more

ICC Eyes Update of eUCP and URC

ICC Takes Steps towards Digitizing ICC Rules

The ICC has alerted National Committee members that it is launching a “Digitalisation Working Group” in an effort to keep up with the growing paperless trend in trade finance. Coming on the heels of a formal announcement this past June illuminating...
Read more

Highlights from Singapore LC Law Summit

Singapore LC Law Summit Highlights

When Bankers and Lawyers Dialogue, Everyone Wins

Since the first UCP, the writing of practice rules has been an exercise in maximum exculpation. Bankers are not trained to explain with precision what they do. Lawyers do...

Read more

BAFT Releases Anti Money Laundering Paper

BAFT Releases Anti Money Laundering Paper

In response to what it calls a "trillion dollar problem", Washington D.C. based BAFT (Bankers Association for Finance and Trade) has released a 20-page paper entitled  "Combating Trade Based Money Laundering – Rethinking the Approach". On the heels of several other...
Read more