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33 Ariz. J. Int'l & Comp. L. 631 (2016)
Extraterritorial Economic Sanctions and Their Foundation in International Law

handle is hein.journals/ajicl33 and id is 669 raw text is: EXTRATERRITORIAL ECONOMIC SANCTIONS AND THEIR FOUNDATION IN INTERNATIONAL LAW Susan Emmenegger* TABLE OF CONTENTS I. IN TRODUCTION ................................................................................................. 632 I. US PROSECUTION OF BNP PARIBAS ................................................................. 633 A . The Facts of the C ase ................................................................................ 634 B . European R eaction ..................................................................................... 635 C. The Relevance of International Law .......................................................... 636 II. WHAT IS EXTRATERRITORIAL JURISDICTION9 .............................................. 637 A . N o T erritorial N exus .................................................................................. 639 B. No Substantial Territorial Nexus ............................................................... 640 C. No Exclusive Territorial Nexus ................................................................. 642 D. Need for a Broad Concept of Extraterritoriality ........................................ 643 III. WHEN IS EXTRATERRITORIAL JURISDICTION LEGAL9 .................................... 644 A. Territoriality as the Starting Point ............................................................. 645 B. Extending the Territoriality Principle ........................................................ 646 C. The Personality Principle ........................................................................... 649 D . The Protective Principle ............................................................................ 651 E. The Universality Principle ......................................................................... 653 F. Extraterritoriality Is Often Legal ................................................................ 654 IV. BNP PARIBAS REVISITED .............................................................................. 654 A. Correspondent Account Jurisdiction .......................................................... 654 B . E ffects Jurisdiction .................................................................................... 656 C. Protective and Universal Jurisdiction ........................................................ 658 V . C ON CLU SION ................................................................................................... 659 Hauser Global Fellow 2015/2016, NYU School of Law; Director, Institute of Banking Law, Bern University, Switzerland. The author wishes to thank Eva Stokar von Neuforn and Leonie Luterbacher for their helpful research assistance. Also thank you to Geoffrey Miller, Kevin Davis, Un Kyung Park, Jennifer Hill, Fabio Morosini, Yoon Jin Shin, Jing Tao, Shreya Atrey, Frederick Wilmot-Smith, Asem Khalil, Machie Murata and the other participants of the Global Fellows Forum for their comments and observations.

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