Sanctions clauses that are wisely or imprudently constructed continue to be inserted into trade finance instruments and may heavily impact the legal rights and transactional obligations of involved parties.
Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
In a high profile case involving standby letters of credit issued in connection with aircraft leases to Russian airlines and
Exploring measures to prevent illicit arms trade to Myanmar. Learn about evasion techniques, global sanctions, and recommendations for maritime companies and financial institutions. Trade compliance in the aftermath of the Myanmar coup.
In February 2021, Senior General Min Aung Hlaing and other military leaders staged a coup in Myanmar. The Junta, officially called the State Administration Council, detained and charged leaders of the opposition. As a result, massive protests erupted nationwide in the southeast Asia country.
Following the coup, the global community imposed several resolutions and sanctions to prevent responsible parties, or those connected to the military, from accessing the financial system and trading certain goods, such as weapons. This article focuses on the trade of weapons to Myanmar, specifically the actions taken to prevent this activity, current evasion techniques and what firms can do to thwart this.
In a high profile case involving standby letters of credit issued in connection with aircraft leases to Russian airlines and
Exploring the steps and considerations for banks to effectively navigate the complexities of true sale unfunded risk participation, identifying product and regulatory nuances, and understanding practical applications through use case scenarios.
Fraud prevention is a crucial pursuit, but is an interim/hybrid solution requiring a beneficiary’s bank to vouch for the beneficiary the answer? Or does it introduce added risks?
ICC TAB 9 points out that there is a risk of documents being presented to more than one bank at the same time, especially under an LC that is freely negotiable, but it stops short of making any recommendations for avoiding this risk. Here’s my suggestion.
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