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Latest Articles

  • Bad / poor practice as reflected in ICC Opinions
    11/02/2019
    We make no apologies for having frequently referred to the ICC consultation document in respect of a potential revision of UCP 600, in which it was considered not to be appropriate to undertake a revision of UCP 600 but instead to provide a greater understanding of practices...
  • Sanctions Update
    31/01/2019
    Sanctions are trade controls that can be (and are) imposed by the United Nations, the EU Council, or individual countries, for political or economic reasons...
  • A wider look at sustainability
    22/01/2019
    In a previous blog we reported on the ICC Commission on Environment and Energy issuance of a Policy Statement on ‘Sustainability Reporting - Future Directions' in December 2015, and the more recent establishment, by the ICC Banking Commission, of a Sustainable Trade Finance Working Group that serves to introduce standards and certifications for the industry...
  • Re-visiting discrepancies
    14/01/2019
    In documentary credit operations, the advising of discrepancies in documents is probably the most contentious issue that a bank will face with its clients or another bank...
  • More DOCDEX Decisions
    17/12/2018
    DOCDEX 348 Forty collection instructions given by a remitting bank to a collecting bank stated that documents were to be delivered against acceptance of drafts by the drawee and endorsement of the drafts by the collecting bank...
  • International Standard Demand Guarantees Practice (ISDGP)
    11/12/2018
    First mentioned in the URDG Newsletter dated 1 July 2012, edited by Georges Affaki: "Task Force members are often asked whether the ICC Banking Commission will compile and release in the form of a booklet the "international standard demand guarantee practice" referred to in URDG 758 article 2...
  • CITF® examination: a timely update?
    05/12/2018
    As we have highlighted in previous blogs, the CITF® examination was developed by The London Institute of Banking & Finance (formerly ifs University College) and launched in 2009, with endorsement by the ICC in 2014...
  • Revision vs Education
    27/11/2018
    A previous blog focussed on the potential release of ‘Guidance Papers' in order to help resolve a number of the problems that exist with the handling of documentary credits...
  • Documentary Credits Practice: an update from the ICC Banking Commission meeting: Tbilisi October 2018
    19/11/2018
    The Banking Commission agenda included a session entitled ‘Documentary Credits Practice: Controversy & Guidance'...
  • Review of the new MT744 and MT759 messages
    12/11/2018
    MT744 - Notice of Non-Conforming Reimbursement Claim   In a further move to reduce the number of MT799 messages that are sent between banks and to utilise structured messages for different actions under a transaction, the MT744 has been created...