A Study On The Legal Remedy System Of L/C Fraud

The letter of credit is the product of the economic globalization,especially with the economic integration,the degree of cooperation more and more high,its application breadth and depth is expanding.The characteristics of L/C mainly include convenience,independence and stability,which make it play a great role in promoting the development of global economy,but just because of its convenience and independence,it also brings great risks Mainly reflected in the letter of credit fraud.The main reason of fraud in letter of credit is that there is not much contact between the buyer and seller and the participating banks,and each bank basically does its own job.The main reasons also include the bank when the letter of credit only pay attention to form review,this mode of operation is to facilitate cross-border trade,but this convenience is most easily manipulated by criminals.Especially in the increasingly close globalization of trade today,the cases in this regard are repeated and even intensified,such as the subject of this study——The reexamination of the letter of credit fraud case of Shanghai branch of ANZ bank.Therefore,the law and economics circles all over the world are studying how to put an end to credit fraud and how to remedy credit fraud,which is also the main reason of this researchThis research takes the letter of credit fraud case of ANZ bank Shanghai branch as the research object,and points out three controversial points in this case Whether the act of ANZ bank Shanghai branch constitutes letter of Credit Fraud,whether the act of ANZ bank Shanghai branch constitutes bona fide payment,and whether ANZ bank Shanghai branch has the obligation to examine the duplicate warehouse receipt These three problems are also the problems that perplex the banking industry at present.To solve these three problems is also to clarify how the bank protects its own interests in the letter of credit fraud and what should be paid attention to in the letter of credit transaction.After summing up the disputed points,the author makes a jurisprudential analysis of them,stating the research and views on this issue in the present legal circle,and elaborating them in the light of the actual situation of the case.At the end of each dispute point,the author puts forward some pertinent measures to perfect the dispute pointLetter of credit fraud is an international problem,which endangers the security and development of the global economy.It needs and deserves the research,research and analysis of the law and economics circles.In particular,the role and responsibilities of the banks in this process are thoroughly explored,and the legislation,industry system and international customs are perfected from both international and domestic levels.In order to ensure financial security and international economic stability and healthy operation,for the sustainable development of the global economy to lay a solid foundation for protecting the legitimate interests of all parties to the letter of credit to provide strong protection.