Fraud is presented as a very particular kind of white-collar crime, whose true nature must be understood before the various perceptions of it held by government, law enforcement agencies, and other authorities, and the actions taken against it, can be appreciated. Similarly, the workings of these organs of control, their motives, and interrelationships must be grasped before any evaluation or criticism of their handling of fraud can be made. The author examines the criminal law as it relates to fraud and also discusses the Bank of England, the City, and other institutions of control. Prosecution and trial are covered in detail, and the question of whether unfair leniency is shown toward fraud offenders is considered. Also analyzed are Britain's relations with the prosecuting attorneys of other countries and the problem of extraterritoriality in general. Law reforms are suggested. Over 300 references, a table of cases, and an index are supplied. Tables and chapter reference notes are provided. (Publisher abstract modified)