Seven things businesses need to know.
"Why don't we just get a Letter of Credit?" In today's global marketplace, businesses are increasingly relying on letters of credit to secure performance of future contract obligations. For example, an Alberta company placing an order for machinery being fabricated in Germany may be asked for a sizable deposit...

ADB launches $150-M trade facility; Over 40 int'l, reg'l banks in.
Byline: EDU H. LOPEZ The Asian Development Bank (ADB) has unveiled a US$150-million trade finance facilitation Program (TFFP) to boost liquidity and stability of the trade finance system in the Asia and Pacific region. The facility is the banks first use of its partial credit...

Rice imports may hit 1-M MT next year; Due to El Nino impact.
Byline: MELODY M. AGUIBA The countrys rice imports may go up to as much as one million metric tons (MT) by the first quarter of 2003, an additional 200,000 MT more than the earlier planned 800,000 MT as government braces for the ill effects of the El...

Money laundering.
I. INTRODUCTION II. OVERVIEW OF THE STATUTE A. Section 1956 1. Transaction Money Laundering 2. Transportation Money Laundering 3. Sting Operations B. Section 1957 III. ELEMENTS OF THE OFFENSES A. Knowledge Requirement 1. General Knowledge 2. Willful Blindness B. Proceeds Derived From A Specified Unlawful Activity 1. Proceeds a....

Money laundering.
I. INTRODUCTION Money laundering is "the process by which one conceals the existence, illegal source, or illegal application of income, and disguises that income to make it appear legitimate." (1) Laundering criminally derived proceeds has become a lucrative and sophisticated business, (2) and is an indispensable element...

Bermuda front-runners. (Bermuda Angle).
Of the dozen large companies formed in Bermuda after 9/11, four have emerged as front-runners. The 2001 market leaders are Arch, AWAC, AXIS and Endurance. Each was started with $1 billion or more and is pursuing a different market niche. Of the four, AXIS Specialty keeps the...

Money laundering.
I. INTRODUCTION II. OVERVIEW OF THE STATUTE A. Section 1956 1. Transaction Money Laundering 2. Transportation Money Laundering 3. Sting Operations B. Section 1957 III. ELEMENTS OF THE OFFENSES A. Knowledge Requirement 1. General Knowledge 2. Willful Blindness B. Proceeds Derived From A Specified Unlawful Activity 1. Proceeds a....

'Old Oakland' developers lose suit against bank that dropped project. (Redevelopment).
The tortured history of a development in downtown Oakland added another chapter when a state appellate court overturned a lower court decision against Citicorp Real Estate, which had foreclosed on the project. The appellate panel found that the jury had been instructed incorrectly and that Citicorp had done nothing...

Central Bank relaxes FX controls following protests.
Managers and foreign companies doing business in Cuba are in an uproar over the Central Bank's recent decision to introduce foreign-exchange controls for state-run enterprises, reports Reuters, noting that the Castro government has already begun to reconsider the measures. In a Jul. 21 decree, the Central Bank...

CAP deposits P100-M cash, P37-M assets in SEC.
College Assurance Plan Philippines, Inc., (CAP) has already deposited P100 million in cash and P36.9 million worth of real properties to its Trust Fund, the Securities and Exchange Commission yesterday reported. CAP, the country's largest pre-need firm earlier reported a trust fund deficiency of P2.5 billion. The...