Documentary credit fraud against banks: analysis of Korean cases
Purpose – This paper aims to explore the feature and mechanism of a new type of documentary credit fraud that victimizes banks’ issuing letters of credit (L/C), harming neither the importer nor the exporter and seeks to suggest possible measures to tackle it. Design/methodology/approach – This study analyzed 30 cases of documentary credit fraud against banks that were detected by the Korea Customs Service (KCS) and interviewed three key customs investigators to interpret the case reports more accurately and gain a deeper understanding into the mechanisms governing the fraud. This study draws on routine activity theory and crime pattern theory to analyze the opportunity structures of this fraud. Findings – This study found that the importer that engaged in the fraud cases had established a solid business relationship with the exporter and had established trust with the victimized banks; the banks, despite the fact that they had their own risk management systems to screen out unqualified L/C applicants, wer...
Letters of credit in the global economy: Implications for international trade
Abstract Commercial letters of credit have been used for centuries to facilitate payment in international trade transactions. A letter of credit is a financial instrument, usually issued by a bank, which guarantees the seller will receive payment for goods sold to a foreign customer. Using a third-party payment mechanism helps importers and exporters maintain strong and effective business relationships. However, recent changes in both generally accepted accounting principles and in the courts'interpretation of the Uniform Commercial Code, which governs such transactions, may impair the use of letters of credit in the future. This paper examines these changes and discusses potential implications for not only importers and exporters but issuers as well.
Mechanism of Action of Antibacterial Agents
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