We caught up with the President of the Bankers Association for Finance and Trade (BAFT). We talked about the balance of human capital and technology in the international transaction banking, about the amendments of the funded master risk participation agreement and how trade-based money laundering can be eradicated.
Following the financial crisis, the International Accounting Standards Board (IASB) recognised the need for a forward-looking approach to account for credit losses. Previously, the IAS 39 accounting standard for assessing provisions was based on an incurred loss model. This approach has been criticised as “too little, too late” as it was perceived as delaying the recognition of potential turbulences while favouring forbearance.
In Global Financial Integrity’s 2019 update “Illicit Financial Flows to and from 148 Developing Countries 2006 – 2015” the estimate of illicit outflows of trade related payments from developing economies for 2015 alone was counted in the hundreds of billions – greater in value in fact than the aid budgets flowing into those countries.
The global trading system is in disarray. Global economic growth is slowing, half the G20 are now operating under openly protectionist agendas, and tensions between China and the United States remain high – despite faint promise of a truce earlier this year. But over in the UK, all of this is overshadowed by the continuing dispute over Brexit. The nation is bitterly divided, and we are fast approaching what could constitute a national crisis.
In today’s geopolitical climate many foreign policy makers use sanctions or similar, steps such as the refusals to grant authorisations, to place economic pressure on governments, organisations and individuals.
Trade Finance Global (TFG), announces that it joins Innovate Finance, the leading UK industry body and independent membership association for FinTech.
A regulatory environment that supports the safe and robust development of the data economy, the emergence of FinTech and BigTech firms and the growth of the crypto-assets market is essential for banking transformation, says new white
Global law practice Eversheds Sutherland appointed as legal counsel for blockchain trade platform eTradeConnect to help the consortia tackle legal challenges related to the use of blockchain in trade finance.
(London) – International law firm Sullivan has advised ITFA (the International Trade and Forfaiting Association), on the launch of the new ITFA Unfunded Master Risk Participation Agreement (MRPA) and associated user guidelines, published yesterday, and will be issuing a CRR compliant legal opinion shortly.
The volume of space dedicated to ‘trade wars’ in the past few months is vast. But this does not guarantee the subject has been properly examined and analysed. I would like to suggest another perspective, questioning some common assumptions.
Credit Insurance is an important risk mitigant in international trade. But what actually is credit insurance, how can it be used to facilitate trade finance as a risk mitigant, and what are the key watch-outs a corporate or bank should consider when using credit insurance? We talked to two credit insurance experts about security, policy wording, obligations and what happens when things go wrong.
Simplifying and standardising trade finance faces a myriad of challenges but is necessary to enable open, secure trade finance. I caught up with Harri Rantanen at SEB to find out more about the objectives and mission behind Standardised Trust.
We heard from ICC United Kingdom’s Chris Southworth, Professor Charles Debattista and David Lowe from the ICC Incoterms® 2020 Steering Committee. We hear about the importance of Incoterms® in international trade, why they are changing in 2020, and what businesses should be thinking about in order to prepare for these changes.
As the UK prepares to leave the EU, significant efforts have needed to be made to prepare the government to negotiate for their own Free Trade Agreements. Is the UK ready for such a challenge?
The International Chamber of Commerce (ICC) announced that it has accelerated attempts to digitalise of trade finance by releasing two new sets of enhanced rules, Uniform Customs and Practise for Documentary Credits (eUCP) and Uniform Rules for Collections (eURC 522).