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Article
Publication date: 1 July 2006

Niall F. Coburn

The aim of the research is to explain the requirements for conducting a corporate investigation and to indicate that corporations must have effective corporate governance and…

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Abstract

Purpose

The aim of the research is to explain the requirements for conducting a corporate investigation and to indicate that corporations must have effective corporate governance and compliance structures that are flexible and innovative to combat new and emerging frauds.

Design/methodology/approach

The methodology is to give a brief overview of the major past and current frauds, explain the nature of corporate crime and how a corporation should go about conducting an effective corporate investigation. The paper gives some warnings about new and emerging frauds and emphasizes lessons have to be learned from large corporate failures, such as Enron and Parmalat.

Findings

If corporations are not vigilant and do not have innovative and adequate corporate compliance structures, they open themselves to weaknesses that can effectively cause their own demise.

Practical implications

The paper gives direction on how to conduct an effective corporate investigation and the relevant steps that should be considered if an investigation is undertaken.

Originality/value

Practical oversight of conducting financial crime investigations and warning corporations to be vigilant and ensure that there are appropriate corporate compliance structures in place to deal with emerging frauds or other financial crime.

Details

Journal of Financial Crime, vol. 13 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 5 October 2012

Yanan Zhang

The purpose of this paper is to explore and examine, in a systematic manner, possible preventive measures that commercial parties can take in order to prevent or reduce…

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Abstract

Purpose

The purpose of this paper is to explore and examine, in a systematic manner, possible preventive measures that commercial parties can take in order to prevent or reduce documentary letter of credit (L/C) fraud in international transactions.

Design/methodology/approach

In the context of international transactions, considering documentary L/C fraud as a risk, the paper searched preventive measures that different parties involved can adopt, from both business perspective and legal perspective.

Findings

The paper provides a number of specific measures which buyers, sellers, and banks in international L/C transactions can take in business to reduce L/C fraud. The option of banks providing additional services of checking further the validity or authenticity of some documents under the L/C, by charging additional prices, has reflected the needs of some business parties. However, this is proposed to be optional rather than compulsory for banks. The lawyers can also play an important role by adopting preventive legal mentality to help and provide advice to different parties in applying the preventive and proactive approach. More importantly, the author recommends that buyers or sellers maintain close cooperation with their banks and lawyers in implementing preventive and proactive measures.

Practical implications

The paper can be a helpful source of advice for business enterprises likely to be involved in international documentary L/C transactions.

Originality/value

This paper fulfils the gap of a holistic study on how to prevent international documentary letter of credit fraud.

Details

Journal of Financial Crime, vol. 19 no. 4
Type: Research Article
ISSN: 1359-0790

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