On the afternoon of October 28, CCPIT Beijing co-organized an online training session on export letter of credit fraud risk and prevention with CCPIT sub-councils in Tianjin, Hebei, Shenyang and Qingdao and International Chamber of Commerce. More than 180 representatives from the co-organizers, relevant business associations and enterprises inside and outside Beijing attended the session.
Prof. Li Yanling from School of Economics and Management of Beijing Information Science & Technology University introduced the meaning of letter of credit fraud. She went on to illustrate the fraud risks facing exporters who pay on letter of credit and beneficiaries who pay on negotiable letter of credit, and offer advice on risk prevention. After the meeting, Prof. Li interacted with the participants.
The training plays an important role in helping exporters strengthen risk control over settlement on letter of credit, further standardizing the operation of export letter of credit, enhancing risk prevention awareness and anti-fraud ability concerning export letter of credit (especially negotiable export letter of credit), curbing and responding to export letter of credit fraud, and safeguarding the rights and interests of enterprises.
(Source: CCPIT Beijing)
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