Fraud in letter of credit - Malaysian banks' perspective

• Main Authors: Che Hashim, Rosmawani, Othman, Ahmad Azam, Abdul Aziz, Akhtarzaitie
• Format: Proceeding Paper
• Language: English; English; English; English
• Published: 2011
• Subjects: K Law (General)
• Online Access: http://irep.iium.edu.my/38422/1/Fraud_in_LC_-_Malaysian_Banks%27_Perspective_UUM2011.pdf; http://irep.iium.edu.my/38422/2/UUM2011_fraud_-LATEST.pdf; http://irep.iium.edu.my/38422/3/The_Sixth_UUM_International_Legal_Conference_2011.pdf; http://irep.iium.edu.my/38422/10/ILC2011_Parallel_Sessions.pdf; http://irep.iium.edu.my/38422/

Letter of credit (LC) is a payment mechanism in international trade which is claimed to provide utmost security to the contracting parties compared to other methods of payment. The security provided by this device however does not extend to fraud risk. The nature of LC transactions and rampant deve...