February 2022

Egypt’s Central Bank Mandates LC Use for Imports

The Central Bank of Egypt announced in mid-February 2022 that Egyptian banks must only accept letters of credit for the purchase of imports.

Sanctions Watch

Below is a quick list of sanctions imposed upon Russia by the EU, UK, and US regulators.

Sanctions Advisories for the Maritime Industry

Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity EXECUTIVE SUMMARY The

UAE Transitions to New Work Week Schedule that Matches Western World

UAE Aligns work week schedule with western workdays

Surecomp Announces Partnership with Enigio

Surecomp Announces Partnership with Enigio to embed trace:original into API-based digital trade flows.

LC Issuer Unable to Recover Funds in Singapore “Round-Tripping” Case

In Crédit Agricole Corporate & Investment Bank, Singapore Branch v. PPT Energy Trading Co Ltd [2022] SGHC(I) 1, the

Pakistan Senate Bill Pushes against Discrimination of PEPs

Pakistan’s Senate unanimously approved a bill in 2022 that envisages punishments for bank and financial institution executives who discriminate against politically exposed persons (PEPs).

Latest ICC Draft Opinions Released for April 2022 Meeting

The ICC Banking Commission has released three Draft Opinions that will be discussed at its next opinion review session that

Castleton Commodities Merchant Trading, L.P. v. Soleil Chartered Bank [2020]

Non-Bank LC Issuance: Concerns Linger

Because of widespread interest on the subject, the ICC Banking Commission issued ICC Opinion TA537 (2002) on when a non-bank

Russian Oil Buyers Unable to Obtain LCs, Banks Back Off

According to multiple trading sources cited by Reuters, at least three major buyers of Russian oil have been unable to open letters of credit from unnamed “Western banks” to cover purchases on 24 February 2022.

Singapore Banking Community Mourns Loss of De Silva

Singapore Banking Community Mourns Loss of Lionel De Silva