ICC Commercial Crime Bureau to Increase Investigations against Fraud in Prime Bank Instruments

On May 26, 1994, Mr. Eric Ellen, director of the Paris-based International Chamber of Commerce, announced a new initiative to combat the growing fraud involving bank letters of credit and guarantees. Already the ICC pursues and takes action to help combat product counterfeiting and maritime piracy. It is also active against commercial bank fraud. The ICC has urged banks to take a leading role in preventing these frauds by informing their staffs, implementing early warning procedures, and supporting the victims?[more]