Digital Commons Network^™

Unacceptable Means: The Inspection Panel Actions On World Bank Forcible Resettlement, Lori Udall

Perspectives

This essay reviews the World Bank’s Inspection Panel’s work on cases involving involuntary resettlement. Since its Inception, the Panel has received 89 requests involving resettlement (over half of all cases) and has investigated 32. It traces Panel cases, lessons learned, and advisory reports on resettlement and livelihood restoration. Despite the growing evidence through the years of resettlement failures, the World Bank continues to violate its own safeguard policies and repeat the same omissions and mistakes in projects. The essay concludes with recommendations for empowering the Inspection Panel and for the Bank to move towards bottom-up community development that better addresses …

Thirty Years Of Accountability In International Development: Insights From The General Counsel Of The World Bank Group, Christopher H. Stephens

Perspectives

The creation of the World Bank’s Inspection Panel in 1993 was a groundbreaking moment in international development. The first accountability mechanism of its kind, it established a precedent for accountability in development that has been followed by multiple development banks and international financial institutions over the last decades. Today, the credibility of international financial institutions rests significantly on the mechanisms that they put in place to check their own behavior and the avenues they offer for affected communities and individuals to raise questions of harm related to the projects financed by these institutions. This essay is a reflection on the …

Penerapan Prinsip Business Judgement Rule Dalam Melaksanakan Kegiatan Perkreditan Dengan Menganut Prinsip Kehati-Hatian Pada Kasus Kejahatan Perbankan Di Indonesia, Dewi Maya Br Ginting

"Dharmasisya” Jurnal Program Magister Hukum FHUI

In a more complex and simplistic sense, abuse (abnormal use) of power can be interpreted as a result of the failure of internal control. Within the banking industry itself, the prudential principle is the main benchmark in the formation and maintenance of relations between the Bank and the public. Although Directors and Commissioners bear legal responsibility with their respective portions, there are certain limitations regarding when directors and commissioners cannot be held liable for the risk of decisions or supervisory actions that they have taken. When faced with a case of alleged banking crime, the Panel of Judges can use …

Rethinking 'What Counts' As Accountability, Jonathan Fox

Perspectives

The current accountability impasse suggests it may be time to rethink core concepts, as well as the field’s underlying theories of change. The idea of accountability is malleable, ambiguous — and contested. This fuzziness poses challenges for both theory and practice – how do we know what strategies bolster accountability – or whether accountability produces its expected effects? This think piece recognizes the challenge of defining ‘what counts’ as accountability, unpacks a longstanding theory of change - that sunshine is the best disinfectant - and considers some information-based reform initiatives to identify missing links in the causal chain between transparency …

Reflections On The Role Of The Panel, Charles Di Leva

Perspectives

Over the past thirty years, the World Bank and the Inspection Panel have had a supportive relationship regarding the principle of accountability, particularly as applied to the field of development finance operations and the role and responsibility of the Bank as a multilateral public sector financial institution. This relationship has been apparent in at least three key aspects: i) following the Bank’s lead, many development institutions around the globe have taken steps to improve their own accountability and developed independent accountability mechanisms (IAMs) modeled on the Inspection Panel; ii) the Bank and other development institutions have been supporting the development …

"Use And Improve" Is My Accountability Mantra, Despite 30 Years Of Eye-Opening Disappointments, Natalie Bridgeman Fields

Perspectives

This essay finds justification for championing the continued existence, functioning and evolution of Independent Accountability Mechanisms (IAMs). An inside assessment of the thirty-year functioning of IAMs reveals that inadequate power and independence are severely hampering IAM efforts to hold actors accountable for harm. Simultaneously, IAMs can’t make progress without the underlying financial institutions reforming their incentive structures to reward harm prevention and remedy. Despite decades of systemic failure to deliver accountability, when exceptions happen, they are worth it and can be spectacular. With an influx of new climate-related funding expected at the financial institutions, exceptions need to become the rule. …

The Critical Contribution Of Independent Accountability Mechanisms (Iams) To The Global Governance Paradigm, Owen Mcintyre

Perspectives

For several decades now, the environmental and social safeguard policies adopted by international financial institutions (IFIs), along with the related accountability frameworks provided by the independent accountability mechanisms (IAMs) established by each, have been at the very forefront of a global movement to extend good environmental and social governance values to the practice of international development finance. The complex of substantive and procedural standards of institutional conduct required under multilateral development bank (MDB) safeguard policies in respect of the assessment and implementation of bank-funded development projects or activities exemplifies the phenomenon of so-called “transnational” or “global” law - the rich …

Ending Violence In Development Finance Actions To Affirmatively Prevent And Stop Reprisals Against Rights Defenders, Gregory Berry

Perspectives

This Essay makes a case for stronger enforcement and implementation of zero-tolerance policies on reprisals within Development Finance Institutions. It argues that for DFIs to inculcate any hopeful vision of a just and inclusive transition to a sustainable future, they must begin by affirmatively cutting at the roots of reprisals. The essay particularly emphasizes two essential changes. First, Independent Accountability and Audit Mechanisms must be empowered to protect the safety of defenders by self-initiating investigations where there are credible concerns of reprisals, and by accepting anonymously submitted complaints. Second, DFIs must evolve to grow teeth for enforcing measures against retaliatory …

Thirty Years Of Community-Centered Accountability In International Development Key Developments At The World Bank Inspection Panel, Dilek Barlas

Perspectives

Through the lens of important cases, this essay reflects on major developments that occurred at the Panel during the tenure of the author as the Executive Secretary of the World Bank Inspection Panel and shows how the Panel has evolved to improve accessibility, has influenced overall development policies, and has become a catalyst for institutional change. The essay observes that the Panel’s success has largely been due to its structural and operational independence, reporting as it does directly to the Bank’s Board of Executive Directors. However, there are challenges facing the Panel on certain issues, including most importantly its independence, …

Three Decades Of Seeking Elusive Remedies, Richard E. Bissell

Perspectives

Remedy is a topic to be approached with some trepidation in the area of accountability. Throughout three decades of proliferating International Accountability Mechanisms ( IAMs), remedy has been the issue least addressed by leadership. Most management and board members find it threatening, wherever a remedial action falls on the spectrum, from an apology for error to financial compensation. The pursuit of remedy builds on the demonstrated existence of harm, which is embarrassing at the least, and brings a focus on consequences and actionable steps for those people whose lives have been damaged as well as for environmental violations. This short …

Prinsip Kerahasiaan Bank Dan Self Assessment System Dikaitkan Dengan Undang-Undang Akses Informasi Keuangan Sebagai Upaya Penegakan Kepatuhan Pajak, Salsabila Aufadhia Ilanoputri

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Indonesia is a country that is actively carrying out development aimed at advancing the welfare of the community, one of which is in the economic sector. Banking and taxation are sector capable of supporting the national economy. Banks as financial services institutions that directly withdraw funds from the public based on customer trust, so that bank secrecy is the soul of the banking system. In addition, the economic rate in Indonesia is also supported by the facilities and infrastructure built through funds obtained from various state fees, one of which is taxes based on Self Assessment System (SAS). The principle …

Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award, Sam Wesson

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

The New Era Of Doing Business With Iran: Iran’S International Commercial Transactions And Global Security, John Changiz Vafai

Pace International Law Review

On January 17, 2016, in a statement following his signing of the Joint Comprehensive Plan of Action (JCPOA) with Iran, President Obama addressed that country’s people, stating that “yours is a great civilization, with a vibrant culture that has so much to contribute to the world – in commerce, and in science and the arts.” While the former U.S. President’s evaluation of the Iranian people’s greatness is indisputable, there are questions concerning doing business with Iran which transcend conventional legal issues and commercial problems.

Given the juxtaposition of Iran’s duopolistic government structure and ideologically oriented decision-making processes, questions arise as …

Omnibus Trade And Competitiveness Act Of 1988: Putting The Brakes On Foreign Investment, Christopher J. Foreman

Georgia Journal of International & Comparative Law

No abstract provided.

Theories And Practices Of Islamic Finance And Exchange Laws: Poverty Of Interest, Ahmed E. Souaiaia

Ahmed E SOUAIAIA

Assessing Risk, Liability And Asset Management Investments Among U.S. And Foreign Banks: Bank Of America, Wells Fargo, And Wachovia, Valencia Tamir Johnson Dr.

Valencia T Johnson

In recent years, banks have had a positive and negative impact on assessing risk, liability and asset management from other competitors such as Bank of America, Wells Fargo and Wachovia. There have been many recent discussions about the U.S. and International banking management and investments. The Federal Reserve and the U.S. Exchange Commission are finding ways to evaluate the negative and positive behaviors exhibited by other financial institutions, which has an impact on the global economy, and in regards to financial management and investments. This article explains the important of assessing the risk and compliance management in financial banking and …

Islamic Banking In India, Mubashshir Sarshar

Mubashshir Sarshar

No abstract provided.

The Tyranny Of The Multitude Is A Multiplied Tyranny: Is The United States Financial Regulatory Structure Undermining U.S. Competitiveness?, Elizabeth F. Brown

Elizabeth F Brown

This Article examines whether the U.S. regulatory structure undermined U.S. competitiveness with foreign financial markets, particularly the United Kingdom's markets.

Signed, Sealed, Delivered, And Then…: An Evaluation Of The Correlation Between Policy Areas, Signing, And Legal Ratification Of Organization Of American States’ Treaties By Member States, Alexandra R. Harrington

Richmond Journal of Global Law & Business

No abstract provided.

Microcredit: Fulfilling Or Belying The Universalist Morality Of Globalizing Markets, Kenneth Anderson

Articles in Law Reviews & Other Academic Journals

No abstract provided.

Integration Of International Financial Regulatory Standards For The Chinese Economic Area: The Challenge For China, Hong Kong, And Taiwan, Lawrence L.C. Lee

Northwestern Journal of International Law & Business

This article initially reviews the current development of financial services that converge regulatory systems around the world. Along with focusing on banking and securities, this article assesses financial systems and regulators within China, Hong Kong, and Taiwan respectively. The evaluation of the CEA's financial system is based on recommendations issued by the Basle Committee. In addition, with respect to the principle of national treatment, this article evaluates the operations of foreign financial institutions in the CEA. In the future, participation in the WTO will enable the CEA to experience greater growth and increase its participation in the internationalization of financial …

The Legal Environment Of International Finance: Thinking About Fundamentals, Merritt B. Fox

Michigan Journal of International Law

Review of International Finance: Transactions, Policy, and Regulations by Hals S. Scott and Philip A. Wellons

Legal Aspects Of Offshore Banking In Taiwan, Ya-Huei Chen

Maryland Journal of International Law

No abstract provided.

Books Received, Journal Staff

Vanderbilt Journal of Transnational Law

A COMMENTARY ON THE FOREIGN INVESTMENT REVIEW ACT

By Graeme C. Hughes

Toronto: Carswell, Ltd., 1975. Pp. 214. $20.65.

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THE EXPORT TRADE: THE LAW AND PRACTICE OF INTERNATIONAL TRADE By Clive M. Schmitthoff

6th ed. London: Stevens & Sons,Ltd., 1975. Pp. 461. $28.75.

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FOREIGN DISINVESTMENT BY U.S. MULTINATIONAL CORPORATIONS: WITH EIGHT CASE STUDIES

By Roger L. Tourneden

New York: Praeger Publishers, 1975. Pp. 157. $15.00.

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THE GATT LEGAL SYSTEM AND WORLD TRADE DIPLOMACY

By Robert E. Hudec

New York: Praeger Publishers, 1975. Pp. 399, $25.00.

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INTERNATIONAL BUSINESS--GOVERNMENT COMMUNICATIONS

By Jack N. Behrman, J.J. Boddeayn, & Ashok …

The International Bank For Reconstruction And Development--A New Departure In International Finance, Robert L. Garner

Vanderbilt Law Review

Early in World War II, financial and economic experts of the Allied Nations concluded that if economic health was to return with the peace, the family of nations would have to forego the bad economic manners which had become commonplace between the wars. The conviction that a new and better economic household for the world had to be planned resulted in the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in July, 1944, in which representatives of 44 nations participated.

The Conference met to solve two major problems. The first of these grew out of the chaotic …