Category Archives: IIBLP News

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...
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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...
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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...
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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...
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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...
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Invest in UCP600

Invest in UCP600

Despite an outpouring of suggestions for a UCP revision in the form of the “UCP700 Wishlist” conducted over the last two years at IIBLP events as well as in polls produced by Documentary Credit World, the decision reached at the...

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