Letter of credit is one of the most important trade settlement instruments in international business activities, but as a result of its characteristics of complexity, independence and abstract, there is a high occurring rate of fraudulent activities with letters of credit. The phenomenon in China is more serious. This kind of fraud with high occurring rate and large amount has destroyed normal international trade seriously. Fraud with documentary letters of credit is the most common one among fraudulent activities with letters of credit, so this paper focuses on analyzing it on basis of law. In order to get efficient anti-measures to this kind of fraud, this thesis analyzes the following four main aspects of fraudulent activities with documentary letters of credit on basis of law: what is fraud with documentary letters of credit at law, the deep reason of the high occurring rate of it, the legal characteristics and results of different kind of fraudulent activities with documentary letters of credit.
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