20 The Work of the United Nations Commission on International Trade Law in Electronic Funds Transfers


It is a great pleasure for me to be able to speak to you about the legal questions arising out of the development of electronic funds transfer and, in particular, to tell you some about the work being carried out in this field by UNCITRAL, the acronym for the United Nations Commission on International Trade Law. The timing of this seminar could not have been more appropriate from our point of view, because in two months a working group of UNCITRAL will meet to examine a first draft of Model Rules for Electronic Funds Transfers that has been prepared by our secretariat. I must emphasize that this draft is the product of the secretariat; it has not as yet had any review by any committee or other intergovernmental body of UNCITRAL.* Nevertheless, its very existence and the fact that the process of considering it will begin in July are indications of the importance the subject has taken on and the response of UNCITRAL to some of the problems that are raised by this new phenomenon.