The UNCITRAL Rules on Transparency as a tool against institutional corruption
Keywords:International banks and banking, International trade law, United Nations, United Nations Commission on International Trade Law
In this paper Nikolaos I. Theodorakis suggests that transparency will enjoy a leading role in investor-state dispute settlement in the forthcoming years. In particular, it will act as the spearhead against institutional corruption since all the documents and discussions can be made available to the broader public. Scrutinising every part of the arbitral process will render corporations and states more vigilant towards any illicit behaviour. Granting open access, save for exceptions, to the documents relevant to the arbitral procedure increases transparency, and subsequently minimises the danger of an incident of corruption arising.
In particular the paper discusses the nexus between transparency and institutional corruption through the lenses of investment arbitration. The new path that the UNCITRAL Transparency Rules pave is inviting a long debate as to whether this effort will yield the aspired fruits of increased accountability and openness. In doing so, we will discuss how these notions interconnect, how transparency can be key to effective arbitral proceedings in the future, and what is the way forward.
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