Category Archives: IIBLP News

FinCEN to Amp up Info Sharing with Program Launch

FinCEN to Bolster Public-Private Cooperation

Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, has taken a major step toward strengthening public-private partnership in efforts to combat financial crime with launch of FinCEN Exchange.

“FinCEN Exchange will bring together...

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

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

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