Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
In its June 2022 list of jurisdictions under increased monitoring, the Financial Action Task Force (FATF) identified 23 jurisdictions with strategic deficiencies: Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Gibraltar, Haiti, Jamaica, Jordan, Mali, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirates (UAE), and Yemen.
Compared to its prior listing of March 2022, Gibraltar has been added and Malta has been determined to be a jurisdiction no longer subject to increased monitoring due to significant progress in improving its AML/CFT regime.
Of note, the UAE has indicated that it will work to implement its seven-point FATF action plan, including “providing additional resources to the [financial intelligence unit] to strengthen its analysis function and enhance the use of financial intelligence to pursue high-risk [money laundering] threats”, such as proceeds of trade-based money laundering.
Iran and the Democratic People’s Republic of Korea continue to be the lone entities designated by FATF as high-risk jurisdictions subject to a call for action.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
