Date: Fri, 29 Mar 2024 10:55:02 +0000 (UTC)
Message-ID: <292335169.11977.1711709702641@aws-us-west-2-hyp-confluence-1.web.codeaurora.org>
Subject: Exported From Confluence
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The UNCITRAL Convention - A short survey on the aspects related =
to fraud and illegality in International undertakings.
The UNCITRAL Convention - A short survey on the aspects related to =
fraud and illegality in International undertakings.
In 1966, the United Nations created the UNCITRAL because it desi=
red to play a more active role in reducing and removing legal obstacles to =
the flow of international trade. UNCITRAL=E2=80=99s aim is to further the p=
rogressive harmonisation and unification of the law of international trade =
and its mandate is to be the main legal body in the field of international =
trade law within the United Nations system. UNCITRAL was initially composed=
of 29 states, but was expanded in 1973 to 36 by a General Assembly resolut=
ion. Membership is structured so that a specified number of seats are alloc=
ated to each of the various geographic regions. This is an intergovernmenta=
l body of the General Assembly that prepares international commercial law i=
nstruments designed to assist the international community in modernising an=
d harmonising laws dealing with international trade. From 1988 to 1995 the =
UNCITRAL worked on a Uniform Law on International Guaranty, which eventuall=
y resulted in the drafting of the UNCITRAL Convention, adopted and op=
ened for signature by the General Assembly by its resolution 50/48 of 11 De=
cember 1995. States were given a two-year period to sign the Convention, af=
ter that they had to accede to it. The Convention could only come into effe=
ct after ratification by five states. Furthermore, in terms of article 28 o=
f the Convention, it could also only enter into force on the first day of t=
he month following the expiration of one year from the deposit of the fifth=
instrument of ratification; as a result, the Convention only came into eff=
ect on 1st January 2000.
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