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.
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.
Seventeen customs officials and nine bank employees have been detained in Libya for their alleged involvement in a LYD 1.2 billion (USD 246 million) letter of credit fraud.
The question discussed centered on whether document examiners would pickup Short Drawing as a discrepancy since the LC does not permit tolerance in the amount and the amount drawn is less than the total value of the LC.
