Red flags related to L/Cs included in new US guidance on export control evasion
Purchases under letters of credit (L/Cs) that are consigned to the issuing bank are amongst several red flags listed in new suspicious activity reporting (SAR) guidance to support US financial institutions in reporting potential efforts to evade US export controls. The guidance issued jointly by…
Trafigura reveals potential US$577 million nickel fraud
Trafigura Group has revealed that it stands to lose more than half a billion dollars after discovering a “systematic fraud” committed by a group of companies connected to and apparently controlled by Prateek Gupta, including TMT Metals and companies owned by UD Trading Group. People…
