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The IMB aware of the escalating level of this criminal activity, wanted to provide a free service to the seafarer and established the 24 hour IMB Piracy Reporting Centre (PRC) in Kuala Lumpur, Malaysia.
A newsletter about fraud and global asset recovery from the office of International Chamber of Commerce's FraudNet. To read about key asset recovery cases and global compliance with anti-fraud and money-laundering laws, please click in the link above for the Newsletter PDF.
CCS offers a flexible membership arrangement based on the selection of predetermined membership packages. A prospective member can elect to join one or more Bureaux according to their requirements.
Losses due to official misconduct account for a great many maritime trade incidents. Each incident can be complex and wide-ranging in nature. It is therefore unlikely that any one company will have the knowledge and resources to be able to investigate it thoroughly.
Counterfeiting and piracy are a drain on our businesses and on the global economy. It has resulted in the widespread loss of lawful employment and a massive reduction of tax revenues.
FIB warns of bogus proof of funds letter
The ICC's financial watchdog the Financial Investigation Bureau (FIB) is alerting banks and the investment community about the recent widespread circulation of a false Proof of Funds letter.
The ICC's financial watchdog the Financial Investigation Bureau (FIB) is alerting banks and the investment community about the recent widespread circulation of a false Proof of Funds letter.
The letter purports to originate from the Beijing office of a major Chinese bank and states that it is a proof of funds for $200 billion. The document suggests that this very large sum of money is being held in trust by the Bank of China and is available to a named individual for the purposes of investment.
Ian Rigby of the Financial Investigation Bureau commented: " The FIB routinely investigates and reviews fraudulent documents of all kinds. This specific document contains language frequently used by perpetrators of financial fraud."
The letter includes a common "red flag" phrase, describing the money as: "clean, cleared, unencumbered, legally and of non criminal origin."
Dated May 8 2007, the letter also bears forged signatures of two Bank of China officials and an unauthorized bank stamp. The documents are prepared by fraudsters and Bank of China officials have no involvement in the preparation of these documents.
According to a number of members of the banking and investment community, the letter has been presented on numerous occasions. The document has principally been used to support suspicious investment ventures.
Mr Rigby added: "It is common for con artists and swindlers to present fraudulent documents like this. The appearance of significant financial backing from an establishment banking institution adds an element of credibility to their scam. Their typical approach is to extract an advance fee from an unsuspecting victim and then vanish. Fortunately, quick action from our members in the banking industry brought the letter to our attention and we were able to confirm its falsehood."
The FIB reminds all those in the investment and banking industry that any document claiming to be a Proof of Funds letter should be reviewed with caution. Anyone involved in a transaction where such a letter is requested or presented is asked to report the details to the FIB.
Further information regarding this specific document or others currently in circulation can be obtained by contacting the FIB at Tel: +44 20 7423 6960 or Email: fib@icc-ccs.org.uk
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