Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
Within the recent past, trade finance banks have suffered billions in losses due to fraud. This has obliged many banks to reconsider their role in financing trade flows whilst others have simply abandoned the business. Citing Glencore, Navig8 Armetrine, and Hin Leong
The United States Court of Appeals for the First Circuit has upheld an order that held a former Florida attorney jointly and severally liable for restitution to victims of a fraud in which the lawyer participated.
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.
Those who forget the lessons of history are condemned to repeat them. Trade finance frauds are no exception. Lessons from Solo Industries, Credit Agricole v. PPT, and practical advice for trade financiers.
