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international financial fraud


Financial fraudsters typically prey on investors that are looking to make a better than average return on their investments and on those in desperate need of a loan.

They offer highly profitable, totally risk free investments.

They promise readily available funding.

They often talk of bank to bank transactions. They will cite major banks, central banks, the International Chamber of Commerce, the International Monetary Fund, the United Nations or any other organisation in order to give credibility to their claims.

If you are invited to make, or save, a lot of money by taking advantage of a unique opportunity, consider the possibility that you are being defrauded.

The Commercial Crime Bureau, an International body, has published reports on International Financial Fraud.

Banking Liaison Group has prepared a checklist for its clients to alert them to the dangers.

Here is a list of questions you should ask yourself before proceeding:

  • Do you know who you are dealing with?
  • Were they introduced by people you trust?
  • Have you carefully checked their credentials?
  • Do you really understand the transaction?
  • Does the documentation look truly professional?
  • Does it contain complicated jargon or strange sounding organisations?
  • Are third world countries or tax havens involved?
  • Are you asked to keep the details confidential?
  • Are you asked to pay any fees in advance?
  • Are you sure you will get your money back if the deal falls through?
  • Are any well-known banks or financial institutions said to be involved?
  • If so, have you independently verified this with those organisations?
  • Can you afford to lose any of the money that you are asked to pay or invest?
  • Can you really be sure that the transaction will be completed?
  • Does the deal sound too good to be true? If so, it probably is.

More detailed checklists are available on request for Financial Intermediaries, Solicitors and Banks.


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