Category Archives: IIBLP News

UCP600 is Here to Stay – Now What?

UCP600 Revision Off the Table

It is no secret to the trade finance community that the Uniform Customs and Practices (UCP600) won't be revised anytime soon. The ICC Executive Committee released a paper over six months ago detailing the results of votes held with National Committee members in...
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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...

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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....

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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...
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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...

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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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