Please be aware that from Midnight last night under the new Basel 3 banking laws for the top 100 world banks as issued by the Central Bank Europe, USA Federal Reserve, Bank of England, all in relation to Oil/Sugar/ Rubber/Certain Hard Woods etc.

All banks are now operating this new law, NO INSTRUMENTS CAN BE ISSUED UNTIL FULL AND PROPER VERIFICATION OF PRODUCT HAS BEEN PROVIDED BY THE SELLER, WHO MUST BE THE LEGITIMATE TITLE HOLDER AND MUST BE APPROVED BY THE BUYERS BANK.

This is in response to the International convention on INTERNATIONAL COMMODITY FRAUD in the above areas. Banks have 3 months to become FULLY COMPLIANT with the new regulations, should a bank fail to recognize the new legislation then the consequences are a fine of up to $10,000,000 (usd).

1) All offers NOW received by a buyer, its Directors/Mandates/Operational staff shall and will be REJECTED, that does not have fully verifiable POP in the form of Tank Receipts/ FULL SGS report and not just the back page. This will also include in the buying procedure the ability to perform a FULL DIP TEST on the product for bank verification.
2) Any offer received or presented that requires a NCNDA/IMFPA ahead of any POP shall and will be REJECTED
3) It is the responsibility of the receiver on behalf of a buyer to make sure that the offer fits the operating procedures of the buyer, THERE WILL BE NO EXCEPTIONS TO THIS PROCEDURE.