Letters of Indemnity: Who’s Really Protected?
Recent court cases in Singapore have shone a spotlight on the serious perils of relying on a letter of indemnity (LOI) in lieu of presentation of shipping documents.
2023 ICC Banking Commission Annual Meeting: Executive Summary
The ICC Banking Commission held its 2023 Annual Meeting as a virtual event conducted via the Zoom online platform. An ICC Official Opinion session attracting more than 200 participants took place on 18 April, followed by a Plenary session on 19 April.
Singapore’s eGuarantees Bring Efficiencies to Process
The Singaporean government launched eGuarantee@Gov, a simple and secure digital process whereby businesses and individuals can provide Electronic Bank Guarantees to Singapore Government agencies.
Energy LEAP Drafts Standby LC Wording for Oil Industry
Energy LEAP, a not-for-profit organisation in which member companies across the oil trading industry work to define standards which offer
Dubai Hosts Global Trade Facilitation Summit 2023
The 2nd Global Trade Facilitation Summit (GTFS2023), themed “Trade Transformation and Technology”, took place at Dubai Chambers, Dubai, UAE, 13-17 March 2023.
Standard Chartered’s Sustainable Export LC Programme Takes Root
In August 2022, Standard Chartered announced successful execution of its first Green Trade Export Letter of Credit (LC) programme. The
In a Word, Absurd
Seeking monetary damages of “$800.00 billion dollars” plus “$300 billion cash down payment for 20 years guarantee on 705
LC Implications from the Fallout of the SVB, Signature Bank Failures
The abrupt mid-March 2023 closures of Silicon Valley Bank (SVB) and Signature Bank sent shockwaves through the US banking system
Pakistan Prioritizes LCs for Tea
In advance of Ramadan 2023, the Pakistan government listed tea as an essential commodity in order to meet high domestic demand for tea, and the government ordered State Bank of Pakistan to issue mandatory instructions for banks to open letters of credit for tea, declaring tea a ‘primary import’.
ICC Introduces eUCP Directory Project
The ICC Banking Commission has announced its intention to compile an eUCP Directory in order to bring attention to banks’ capacities to handle eUCP letters of credit.
Standby LCs and Non-Extension Clauses
Bankers share opinions on what it means when a non-extension notice is sent more than 60 days prior to expiry, but then LC extended 6 months anyway.
Beneficial Ownership Reporting Guidance Released by FinCEN
This is the first installment of FinCEN's guidance materials to assist the public in understanding beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).