Fraud
To what extent must a bank make inquiries
as to the commercial purpose of a transaction, particularly a transaction
involving an offshore structure? And when is a bank liable to compensate a
victim of theft for receiving funds deriving from stolen assets and using them
for its own benefit?
These were the questions addressed in Credit
Agricole v Papadimitriou by the UK's Privy Council (the court
of final appeal for the UK's overseas territories and Crown dependencies, and
for Commonwealth countries that have retained it as the ultimate appeal Court;
its decisions are authoritative in English law as it comprises judges from the
UK Supreme Court).
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