Page 8 - Exporta Publishing News Today

An influential international financial crime body has added the United Arab Emirates (UAE) to its greylist of high-risk jurisdictions, though the country’s authorities tout significant improvements in the fight against illicit finance.  The Financial Action Task Force (FATF) – a standard-setting organisation focused on illicit financial flows – announced last week that the Middle Eastern ...

Export credit agencies (ECAs) and trade credit insurers have hurriedly axed coverage for Russia and Belarus as the deepening conflict and western sanctions interrupt trade and major projects. At least 10 ECAs have stopped or limited coverage for the two countries since late February, when Russian President Vladimir Putin launched an invasion of Ukraine. Many ...

The number of UK businesses that export has declined in the year since the United Kingdom officially separated from the European Union, according to new data from Coriolis Technologies and the Institute of Export and International Trade (IoE&IT), which find that global supply chain disruption and the impact of the pandemic are also pressuring exporters. ...

Trafigura has refinanced its European multi-currency syndicated revolving credit facilities (RCFs) worth US$5.3bn, in a pair of deals that the commodity trading giant says are once again structured as sustainability-linked loans. The loan structure comprises two separate RCFs, a 365-day agreement worth US$2bn and a three-year facility valued at US$3.3bn, both of which come with ...

TradeSun has struck a partnership with information and analytics provider IHS Markit, as the trade finance technology firm works to strengthen its artificial intelligence (AI)-powered compliance checking solution. The agreement allows users of TradeSun’s platform to tap into IHS Markit’s financial crime datasets when conducting compliance checks, including vessel tracking for sanctions breaches, container compliance ...

The Multilateral Investment Guarantee Agency (Miga) has issued a guarantee to JP Morgan for a loan that it is providing to a Colombian state-owned enterprise for a new port in Antioquia. The Miga guarantee covers a US$103.7mn facility being provided by JP Morgan to Financiera de Desarrollo Nacional (FDN), a government-backed infrastructure development bank, which ...

Proposed changes to the treatment of trade finance in the EU’s capital requirements regulations could push up financing costs for businesses and allow insurers a bigger slice of the guarantees market, banks and borrowers claim. The European Commission published the final text of its proposed changes to the Capital Requirements Regulation (CRR) in October last ...

The International Civil Aviation Organization (ICAO) and the United Nations Economic Commission for Europe (UNECE) have released new digital air cargo technical specifications guidance that they say will help to accelerate the transition away from long-standing paper-based documents. The specifications, which cover three main documents – the air waybill (AWB), dangerous goods declaration (DGD), and ...

Global trade credit insurer Euler Hermes has made two senior appointments, naming Jennifer Baert as the group’s general counsel and Riccardo Rosa CEO of its World Agency division. As part of a change in the Euler Hermes group’s leadership team, Baert will start in the newly-created role this month and takes charge of the credit ...

Banks caught up in money laundering scandals suffer an average 21% slump in their share price, researchers say, as warnings grow over regulatory scrutiny of the trade finance sector.  Penalties for anti-money laundering (AML) failings worldwide totalled around US$2.2bn in 2020, and another US$1bn in the first half of last year, according to a paper ...