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.
Economic sanctions challenge lawyers to navigate compliance and regulatory interpretations. The historical case of Shanning International v. Lloyds TSB Bank highlights the ongoing nature of demand guarantees amidst changing sanctions. Recent US OFAC views also complicate trade finance obligations.
