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Key takeaways from the US Treasury Report on money laundering risks and threats.
The US Department of the Treasury released on 7 February 2024 a trio of documents detailing its 2024 National Risk Assessments in the areas of Money Laundering, Terrorist Financing, and Proliferation Financing.
Among the more interesting themes emanating from Treasury’s 108-page report on Money Laundering, Sarah Beth Felix, CEO & Founder of Palmera Consulting, identified the following:
Low default rates, increased flexibility, technological advancements and evolving regulations make standby letters of credit (SBLCs) an appealing option in international trade
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
In the third instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell confronts continuing misplaced reliance on strict compliance.
How are LC specialists to understand UCP600 Article 38(k) in situations where a second beneficiary bypasses the transferring bank and presents documents directly to the issuing bank? Scenarios, fundamental issues, and a proposal for revising this UCP sub-article are addressed here.
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