This collection of papers results from the proceedings of the 2002 Annual General Meeting of the ICC Institute of World Business Law, held at ICC Headquarters in Paris, on the topic of arbitration in the face of money laundering, corruption and fraud. 95 lawyers, other professionals and businessmen attended to hear the ten speakers and participate in the lively discussion sessions, which showed both the interest and sophistication of the audience. We reproduce here the text of the contributions and a selection of the questions and comments. The Editors and the ICC, as an institution, are most grateful to all of the speakers and participants.

With this publication, the Institute of World Business Law, under the Presidency of Serge Lazareff, resumes its tradition of making available in book form the thinking of its distinguished members and participants on topics of interest and importance in law and business-especially in the international field. In his foreword, Mr. Lazareff says that he hopes that the Institute will have contributed to the formation of "doctrine" on the treatment of corruption, fraud and money laundering in arbitration. Certainly, the editors believe, there are incisive and well considered statements in all of the papers and it may be that there are points of coalescence about arbitration practice when it has to deal with the evils that are the subject of this book. But, this area is rapidly evolving. Indeed, to borrow a phrase from the magisterial paper by Professor Cremades, we in the business and legal worlds are today faced with "a cascade of norms." Laws, treaties, conventions and codes of conduct proliferate. Their authors and promulgators range in skill and learning from the heights of Professor Pieth and Professor Sacerdoti, who were instrumental in the formulation of the influential and successful OECD Convention of 1998, to those who, rather mindlessly, call for "an intensification of the war against corruption" without considering the efficacy of what they propose or its unintended side effects on legitimate enterprise and traditional rights and freedoms. Further evolution of the legal environment being inevitable, it is doubtful that a definitive body of doctrine as to how arbitrators should deal with money laundering, fraud and corruption can yet be settled.

Nonetheless, the ICC Institute can make an important contribution. Since ICC is among the most well-known of international business organizations, its reflections should be based on an objective and thorough examination of the current environment and directed to the efficiency, well-being and integrity of business. Further, since both legislators (domestic and international) and the general world are not well informed about the process of arbitration, the scientific authority of the papers in this collection will, we hope, have a beneficial influence.

It may be of assistance to the reader if we say something about the method adopted in putting together the program on which this book is based. The first part of the program, and thus of this book, is devoted to context. We start with two practicing lawyers, Kristine Karsten and Alan Jenkins, who describe, respectively, the nature of the problems which they and other professionals face and the solutions which they adopt in their daily business. As is clear from their two papers, the activities of money launderers and fraudsters, in particular, are increasingly sophisticated and pernicious and the actions that can and must, in the emerging regulatory environment, be taken by professionals to detect and combat such activities are also increasingly sophisticated.

In this first section, we also present the papers by Professors Pieth and Sacerdoti- eminent criminal law and international law specialists, respectively. Especially interesting is Professor Pieth's conclusion that an international public policy banning bribery is emerging and his challenge, as one of the architects of that new order, to arbitrators about how they are going to reflect it in their practice. He concedes that the decisions will be difficult. Professor Sacerdoti gives a thorough analysis of one of the most highly successful international instruments, the OECD Convention, and ends with suggestions about new areas of activity for the OECD work group, and notably the treatment of foreign subsidiaries and the working of off-shore financial centers, which are of relevance to many international arbitrations.

In the second part, we concentrate directly on the problems raised for arbitrators by money laundering, fraud and bribery. The section opens with a significant paper by Bernardo Cremades and David Cairns. Drawing on Professor Cremades' immense experience and deep thought, the analysis represents the most complete acceptance, so far, from within the arbitration community that there now exists a normative international public policy, binding on arbitrators, to address issues of bribery, money laundering and serious fraud whenever they arise. Professor Cremades frankly acknowledges that the position he advocates is likely to raise delicate practical difficulties.

It is agreed by everyone who has encountered money laundering, fraud or corruption in an arbitration that the relevant issue is often one of evidence. Arthur Harverd, an accountant, contributes a paper on the role of the expert as witness and investigator. There then follows a monumental investigation by Professor Crivellaro of the reported arbitration cases where fraud and corruption have featured. We think that the record there established will be of use to all future scholars in the field. Finally, we have the subtle and balanced paper by Professor Alan Phillip, the main theme of which is the question of whether an arbitrator, by investigating fraud or corruption issues, not explicitly raised by the parties, may be in danger of making findings ultra petita. He draws on the relevant analogy of cases where anti-trust considerations may apply.

We have not been able to include all of the comments made by the audience from the floor during the question and discussion sessions, but we have printed a selection, grouping them generally under topics raised by the speakers. Especially noteworthy is the comment by Robert Briner, President of the ICC International Court of Arbitration, who drew many of the threads together.

Have we then fulfilled Serge Lazareff 's hope that the Meeting would establish a body of doctrine? Perhaps not yet, but we believe that the Institute, in this thought-provoking initiative, has identified some elements which will, undoubtedly, contribute to the formation of such a body in the course of time.