Fraud in Letters of Credit
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Abstract
Fraud in letters of credit is a threat to international trade. In order to resolve this problem, there is a need to establish or develop the fraud rule. The fraud rule can allow banks to refuse or stop payment when fraud is found or involved. Further, fraud in letters of credit is an exception to the independence principle. However, the study of fraud in letters of credit is rare in Thailand. The purpose of this research is to study the feature of fraud in letters of credit, especially in Thailand. The study also includes the establishment and development of the fraud rule. A methodology for doing this research relies on qualitative research. It gathers data from books, research articles, academic articles, reports, regulations, and judgments.
This research has found that fraud in letters of credit occurs in Thailand. Nevertheless, there have been no court decisions on this issue. Thailand does not have the law of letters of credit and the fraud rule. This research has also found that the fraud rule includes (1) the standard of fraud and (2) fraud regulations. More importantly, the fraud rule can be created or developed by the Criminal Code and the Civil and Commercial Code. The standard of fraud can be created by the Criminal Code. Fraud regulations can be established by the Civil and Commercial Code.
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References
ภาษาไทย
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