Money Laundering in International Commercial Arbitration

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14220%2F18%3A00103044" target="_blank" >RIV/00216224:14220/18:00103044 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.esd-conference.com/past-conferences" target="_blank" >http://www.esd-conference.com/past-conferences</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Money Laundering in International Commercial Arbitration

Popis výsledku v původním jazyce

International commercial arbitration is currently the preferred method of resolution of disputes originating from international business transactions. It is not only the number, but also the diversity and complexity of disputes that have been growing. At present, arbitrators also deal with criminal offences that may have serious impact on society and economy, e.g. corruption, fraud and last but not least money laundering. It is not disputed that decisions on criminal sanctions remain exclusively in the hands of national courts. However, this does not mean that the arbitrators are precluded from applying criminal laws. The occurrence of money laundering within the international commercial arbitration is a complex issue raising a lot of questions, e.g. arbitrability of such disputes, validity of arbitration agreement, applicable criminal law, evidence, duties of arbitrators, review of arbitral awards etc. As it is not possible to deal with all these question this paper focuses only on several aspects. Two possible situations in which money laundering can manifest in international commercial arbitration are identified. First, money laundering can be alleged by a party as defence to the enforcement of a contract in dispute. Second, arbitration can be abused for laundering of illicit assets. The paper further deals with the arbitrators’ legal obligations under criminal and regulatory law in the face of suspected or alleged money laundering. In this part the paper focuses especially on the second scenario, e.g. when arbitration is abused for money laundering. The paper analyses if the arbitrators are covered by criminal law provision on money laundering and on notification duties. The paper also analyses if the arbitrators fall within the scope of regulatory system imposing identification and reporting duties. In this part the paper reflects especially relevant provisions of Czech and EU law.

Název v anglickém jazyce

Money Laundering in International Commercial Arbitration

Popis výsledku anglicky

International commercial arbitration is currently the preferred method of resolution of disputes originating from international business transactions. It is not only the number, but also the diversity and complexity of disputes that have been growing. At present, arbitrators also deal with criminal offences that may have serious impact on society and economy, e.g. corruption, fraud and last but not least money laundering. It is not disputed that decisions on criminal sanctions remain exclusively in the hands of national courts. However, this does not mean that the arbitrators are precluded from applying criminal laws. The occurrence of money laundering within the international commercial arbitration is a complex issue raising a lot of questions, e.g. arbitrability of such disputes, validity of arbitration agreement, applicable criminal law, evidence, duties of arbitrators, review of arbitral awards etc. As it is not possible to deal with all these question this paper focuses only on several aspects. Two possible situations in which money laundering can manifest in international commercial arbitration are identified. First, money laundering can be alleged by a party as defence to the enforcement of a contract in dispute. Second, arbitration can be abused for laundering of illicit assets. The paper further deals with the arbitrators’ legal obligations under criminal and regulatory law in the face of suspected or alleged money laundering. In this part the paper focuses especially on the second scenario, e.g. when arbitration is abused for money laundering. The paper analyses if the arbitrators are covered by criminal law provision on money laundering and on notification duties. The paper also analyses if the arbitrators fall within the scope of regulatory system imposing identification and reporting duties. In this part the paper reflects especially relevant provisions of Czech and EU law.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50501 - Law

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2018

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Economic and Social Development (Book of Proceedings), 31st International Scientific Conference on Economic and Social Development - “Legal Challenges of Modern World”

ISBN

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ISSN

1849-7535

e-ISSN

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Počet stran výsledku

8

Strana od-do

227-234

Název nakladatele

Varazdin Development and Entrepreneurship Agency

Místo vydání

Varazdin

Místo konání akce

Split

Datum konání akce

1. 1. 2018

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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