In the previous article, I briefly discussed on how to detect potential frauds. Now, I describe two of the most common fraudulent transactions: “Bank Guarantees” and “Discounted Bank Instruments”. A. Bank Guarantee Scheme This is a very simple fraud.  A businessman or investor requires access to capital for his own purposes.  Let us say that …

In today’s electronic world, there are several new instances of sophisticated financial fraud. Some cases are easier to detect, however, in an increasingly uncertain economic environment, mostly because of the unease of the US Dollar and the increasing strength and influence of the Euro. This has resulted in “banking instrument” fraud becoming increasingly common. I …

Nicosia, 27 June 2008 – Cyprus is one of the most advantageous places of residency for Russian and Ukrainian companies. It offers a high level of banking, auditing, accounting and legal services, as well as its real estates, which developed Cyprus into a successful international business and financial centre. Some of the main factors and …