Rumble in Paradise: The Caribbean Court of Justice Creating Waves in International Law after British Caribbean Bank v Belize

On 25 June 2013, the Caribbean Court of Justice denied a motion to halt the proceedings of an international arbitration between British Caribbean Bank (BCB) and the Government of Belize, and instead granted BCB the right to continue with the arbitration proceedings. The ruling is particularly important as it sheds light on the anti-arbitration principle – a feature known mostly to Common law – and the still troubled area of expropriation in relation to bilateral investment treaties. In this case comment, I will provide an overview of those main points and assess what implications there are under international law. Specifically, this comment also develops a notion of financial property, and asses under what circumstances financial property can be expropriated in light of bilateral investment treaties. The focus on financial property is to both generate a discussion and also raise more questions on problematic clauses in investment treaties.