Documentary letter of credit fraud under criminal law regime in England and China

Yanan Zhang

Journal of Financial Crime, 2014, vol. 21, issue 4, 433-446

Abstract: Purpose - – The purpose of this paper mainly is to examine the relevant rules concerning documentary letter of credit (L/C) fraud under criminal law in England and China. Design/methodology/approach - – The paper analyses the regulations about such crime and relevant literature. Findings - – The similarities and differences of such rules have been identified briefly. L/C fraud is considered a conduct crime; and unspecific or vague provisions concerning this crime may cause difficulties of application in judicial practice in both England and China. But the possible punishment for L/C fraud criminals under Chinese criminal law seems more severe than that under English law. Dealing with L/C fraud in international trade under national criminal laws is not effective. Regional and international efforts on legal assistance in cross-border criminal cases still remain to be improved. Research limitations/implications - – The limitation is that it examines merely relevant substantial rules in legislation. This opens the paths to future research on the approach towards L/C fraud demonstrated in court cases in England and in China. Social implications - – The research underlies the need to take serious attitude and make more effective efforts towards cross-border criminal cases, although different countries may have different rules concerning specific economic crimes. Originality/value - – This paper fills the gap of a comparative study on how L/C is regulated under criminal law regime in England and China.

Keywords: Fraud; China; England; Criminal law; EU; Documentary letter of credit; Fraud Act 2006; Legal assistance; CCS; UN (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-05-2013-0039

DOI: 10.1108/JFC-05-2013-0039

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