DCW Monthly: December 2024

We’re thrilled to share the newest edition of DCW’s premium monthly content. This month’s highlights include:

• Five Featured Articles
• Seven Updates
• Three Conference Reports
• Two new LC Court Case write-ups with expert analysis
• The LC Scam Survey

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Articles

Discrepancy Rates under UCP 600

In the second instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell considers the problems contributing to chronically high discrepancy rates and offers viable solutions.

-Dave Meynell

Risky and Uncertain Situations in Negotiation of LCs

The LC concept of negotiation has led to considerable misunderstanding and confusion in practice. In his article, Abdurrahman Özalp attempts to wade through areas of uncertainty and cast light on difficulties that confirming banks and beneficiaries could encounter.

-Abdurrahman Özalp

Analysis and Insights on ISP98 Rule 4.18

Explore ISP98 Rule 4.18 on negotiable documents, addressing endorsement, presentation, and transfer in standbys, with analysis and insights.

-Professor James E. Byrne

SBP Vision 2028 and Pakistan’s Transformation to a Shariah-Compliant Banking System

Pakistan has embarked on an ambitious multi-year plan to transform its financial system into a Shariah-compliant framework by 2028. Two trade finance specialists explain what this entails and the inherent challenges and opportunities it presents.

-Iqbal Karmally Abbas Raza Varyala

Toxic Tonnage: How the Dark Fleet puts the world at environmental & economic risk

The “Dark Fleet” exposes financial institutions to sanctions violations, lawsuits, and losses. Learn how to mitigate these hidden risks.

-David Tannenbaum

Updates

• ICC Revises Guidance on Use of Sanctions Clauses
• US Takes Sweeping Action against Russian Banking System
• Maybank Singapore, PracBiz Team Up on SCF Platform
• WaveBL Completes Proof of Value for eBL Platform
• ADB-Led “Enhanced STR” Pilot Delivers Transformative Results
• Latest TAB Sheds Light on UCP600 Article 14(d) “read in context with”
• Amid “Challenging Times”, ICC Trade Register Reinforces Low-Risk Nature of Trade Finance

Conference Reports

November 2024 ICC Banking Commission Meeting: Executive Summary

The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.

2024 Americas LC Law Summit: Executive Summary

For the 25th consecutive year, the Institute of International Banking Law & Practice conducted its one-day Letter of Credit Law Summit. This Executive Summary provides an overview of topics discussed and debated at the conference hosted by Hogan Lovells in New York and conducted as a hybrid event.

2024 ABA/ABA Financial Crimes Enforcement Conference: Executive Summary

Conducted by the American Bar Association and the American Bankers Association (ABA), the 36th annual ABA/ABA Financial Crimes Enforcement Conference took place 8-9 October 2024 in Arlington, Virginia.

Litigation Digest

Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd. [2024]

Contractor Shinetec (Australia) and parent company Shanxi Construction Investment Group (standby applicant) appealed dismissal of claims against beneficiary The Gosford.

Front Row Motorsports, Inc. v. DiSeveria [2024]

Approving letter of credit to serve as supersedeas.

LC Scam Survey

• Hin Leong Founder O.K. Lim Sentenced to 17½ Years
• Court Sentences Five in 30- Year-Old LC Scam Case
• Indian Agency Begins Return of Property to Choksi Fraud Victims