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Maritime Fraud & Piracy

4 MARITIME FRAUD AND THE BANKS MARITIME FRAUD AND THE BANKS 4.001 The documentary credit, which developed into something like its present form around the beginning of the twentieth century, provides great convenience to the parties in financing international trade. It provides very good protection against the insolvency of the parties with whom they deal, foreigners about whom they may know very little. It also provides great opportunities for the documentary fraudster, opportunities which are not very stringently curtailed by the law.

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