ICC Draft Opinions for April 2023 Meeting Released
Two draft opinions, one new and one re-submitted, were released in mid-February to ICC National Committees for review and comment
Bank of Punjab Empowered to Issue LCs Supporting Pharma Needs
Punjab Health Minister Dr. Javed Akram directs Bank of Punjab to issue Letters of Credit (LCs) for crucial pharmaceutical imports amidst concerns over foreign currency constraints. Details on safeguards and bank selection remain unclear. Stay updated on this development.
2023 ICC Dates and Status of TABs
The next ICC Opinions session will take place on 18 April 2023 in a purely virtual setting, followed by a
Bangladesh’s Misinvoicing Problem
No country has greater reliance on letters of credit than Bangladesh so it is reasonable to surmise that reports in
Kelly-Louw Appointed Department Head
Effective 1 January 2023, Professor Michelle Kelly-Louw has been appointed Head of the Department of Commercial Law for a three-year term at the University of Cape Town (UCT)
RBI Takes Action against Zoroastrian Bank for Compliance Failure
The Reserve Bank of India (central bank) has assessed an INR 1.25 crore (USD 153,000) penalty against Zoroastrian
Pakistan Expands Import LC Requirement
In an effort to boost protection of the country’s dwindling foreign reserves, the government has directed all importers to
Banks Upbeat EU Could Keep 20% CCF for Trade Finance Products
According to published reports, the EU appears to be on a path for abandoning a planned tenet of Basel reforms
Inflation Causing Captive Insurers to Re-Think LC Use
Inflationary pressures and resulting interest rate hikes are forcing captive insurers that have relied on letters of credit as a
Complaints That Banks Aided Terrorists Fail
In Wildman v. Deutsche Bank, the US District Court for the Eastern District of New York dismissed an action brought
Insurers Contest DAE Claim over Aircraft Stranded in Russia
Lloyd’s of London, AIG, Chubb, Swiss Re, and seven other insurers contend that they are not obligated to pay
Bad Standby LC Wording from Beneficiaries: Push Back or Get Pulled In
A chronic concern for banks is when intended LC beneficiaries – often government agencies, municipalities, insurance companies, and other so-called power