Banking & finance
World trade is in large part dependent on the availability of reliable and cost-effective sources of financing. This means that banks and other financial institutions play a vital role in facilitating trade-led growth and development.
ICC produces universally accepted rules and guidelines that help business, particularly small- and medium-sized companies (SMEs), access the financing they need to grow.
Banks and other financial institutions help companies engage in world trade, mitigating risks so that goods and services can flow across the globe in a smooth and secure manner. Trade finance is especially crucial for small- and medium-sized enterprises (SMEs), which may lack the resources to advance the necessary funds to import or export valuable goods on their own.
In order to ensure that companies are able to access the financing they need and level the playing field worldwide, ICC produces voluntary rules and guidelines for issues, such as documentary credits, forfaiting, demand guarantees, bank payment obligation and dispute resolution.
In providing this common framework, ICC allows companies and governments around the world to speak the same regulatory language without burdening banks with red tape that could keep them from financing valuable trade opportunities.
Bringing trade finance experts from over 70 countries together, ICC also serves as a forum for those who seek to develop common strategies and standards to free up financing for SMEs, especially in developing countries and emerging markets. ICC’s 2017 Annual Meeting for banking and finance took place in Jakarta from 3-7 April.
Money laundering, the financing of terrorism, financial fraud and other financial crimes can have significant negative economic effects. Financial crimes activities severely undermine the integrity and stability of financial institutions and systems, discourage investment into productive sectors, and distort international capital flows.+