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.
David Meynell and Gary Collyer offer a preview of what the ISBP 821 revision process might look like, including fixing gaps and additional digitalisation enhancements.
The silent confirmation market is still active and prevalent for LCs in Asian countries as silent confirmation is one of the means for a beneficiary to mitigate issuing bank and country risk when it does not want other banks to confirm its credit.
The evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
The UKs Serious Fraud Office (SFO) secured the conviction of solicitor William Osmond, who disclosed confidential details about a money laundering investigation and forged a legal document in an attempt to mislead authorities. Osmond was subsequently sentenced to nine months in prison.
