Professor Kryvoi Speaks about Corruption and Foreign Investments at UNCTAD

On 10 September 2024, Prof. Yarik Kryvoi addressed the 2nd Meeting of the UNCTAD Multi-Stakeholder Platform on International Investment Agreements Reform.

In his remarks, Professor Kryvoi highlighted the role of International Investment Agreements (IIAs) in combating corruption, acknowledging the growing global consensus that corruption negatively impacts society and business, including foreign investments. While some IIAs now incorporate anti-corruption standards, many treaties remain silent on the issue. States and investors are urged to adopt compliance programs and abide by international frameworks like the UN Convention Against Corruption (UNCAC), which offers global anti-corruption standards. However, investor-State arbitration tribunals often overlook these standards.

Professor Kryvoi suggested that more detailed anti-corruption provisions be included in IIAs, referencing UNCAC to guide the legal consequences of corruption. He called for more research on specific corruption-related offenses, such as money laundering and embezzlement, and expresses hope for a future where IIAs and investor-State dispute settlement (ISDS) mechanisms actively contribute to the fight against corruption. Ultimately, this approach could bring greater legal consistency and help combat economic crimes.