Maritime fraud
The International Maritime Bureau (I.M.B.) defines maritime fraud as follows:
'An international trade transaction involves several parties - buyer, seller, shipowner, charterer, ship's master or crew, insurer, banker or agent.
Maritime fraud occurs when one of these parties succeeds, unjustly and illegally, in obtaining money or goods from another party to whom, on the face of it, he has undertaken specific trade, transport and financial obligations
a) loss or injury to, prejudice or deprivation of property or proprietary rights,
b) loss suffered due to deceit, fraudulent misrepresentation, concealment or and act of deliberate dishonesty, and
c) the injured party must have acted on the deception or falsehood.[4]'
In the light of the above, and as a general guide, it would be better to define maritime fraud as follows:
Maritime fraud occurs when, in a maritime context, one party knowing it to be false, and with the intention of obtaining an illegal benefit, makes a misrepresentation to another party who, believing it to be true, acts upon the misrepresentation to his or her potential detriment, or to the potential
detriment of an innocent third party or parties.The misrepresentation may take any form, it may be by word or deed, written or implied, by way of affirmation or denial and may even be constituted by an
omission in appropriate circumstances.
MMD / MCA ORALS MASTER EXAM
