How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
On a positive note, Bangladesh has experienced a sharp decline in trade-based money laundering in recent months “following intensifying monitoring about over and under- invoicing prices of imported products by banks and central bank”, according to a report on Bangladesh’s Banking Sector Outlook 2023 that the Association of Bankers, Bangladesh (ABB) made public on 22 May 2023.
In writing on the report’s release, The Financial Express informed that top executives within the country’s banking sector admitted that bankers had “little idea about the perception on trade-based money laundering even a few years ago” but that close monitoring of imported and exported goods pricing has helped curb the illegal outflow of foreign currencies from Bangladesh.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
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