Recent ICC guidance addresses practical trade finance issues arising from the Middle East conflict. Having a nimble strategic approach for coping with operational risk is paramount for banks.
International trade depends on two inseparable flows: the movement of goods and the movement of money. When goods stop moving, payments stop moving — and when both stall, global trade seizes up. The near total closure of the Strait of Hormuz has exposed this reality with exceptional clarity.
For the first time in three years, the American Bar Association and the American Bankers Association (ABA) hosted their Financial Crimes Enforcement Conference in-person, 5-7 December 2022.
