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International Financial Crime and Documentary Credits

Document Cited in Related
Vincent
Published date01 February 1995
DOIhttps://doi.org/10.1108/eb025678
Pages79-82
Date01 February 1995
AuthorKern Alexander
Subject MatterAccounting & finance
INTERNATIONAL TRADE
International Financial Crime and Documentary
Credits
Kern Alexander
Journal of Financial Crime — Vol. 3 No. 1 — International Trade
Since the collapse of communism in the former
Soviet Union and in Eastern Europe, the rise of
organised crime has been swift and substantial. It
has taken control of many sectors of the economy
in these countries and, because of its newly
amassed wealth, it has attained significant political
influence. Organised crime groups have used their
political and economic influence to persuade cer-
tain provincial governments in the former Soviet
Union to assist them in transferring their ill-gotten
proceeds to apparently legitimate investments in
western countries. Some provincial governments,
acting on behalf of certain organised crime groups,
have exploited their ongoing relationships with
leading international banks to obtain documentary
credits to transfer billions of dollars of criminally
derived money into investments in developed
countries.
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