Category Archives: IIBLP News

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

Key Issues Raised in Recent LC Cases

Key Issues Raised in Recent LC Cases

Recent LC Cases & the Issues Raised

Forwarding or Returning Documents

In revisiting the Grains (Singapore) case, one Singapore LC Law Summit attendee made the argument that although it is not a rule, it is expected...
Read more

ICC Releases Draft Opinions for London Meeting

ICC Draft Opinions

ICC Releases Draft Opinions for London Meeting 

In advance of its next meeting, the ICC Banking Commission released in early September 2017 a set of ten Draft Opinions and urged National Committees to comment (or otherwise respond with agreement) on or...
Read more

The Most Challenging Aspect of Standbys?

Standbys Challenging Aspects

The Most Challenging Aspect of Standbys?

One LC expert considers it to be auto-extension. In formulating terms for giving notice of non-extension, one major problem is that the beneficiary wants to receive notice and the issuing bank just wants to...
Read more

Held to a Higher Standard

Compliance Hong Kong

Held to a Higher Compliance Standard

Banks operating in Hong Kong not only need to determine the source of funds, but also the legitimacy of funds. This is a stricter standard than what is required by US regulators. There have been instances...
Read more