Recent debates have focused particularly on sovereign wealth funds' (SWFs) failure to comply with the corporate rule of law and threat to national interest of recipient states. This course explores the pitfalls and prospects of SWFs, and the impact of politics on the shaping of law. It considers the democratic will of the people, international economic norm of laissez faire, protective and welfare functions of governments, sovereignty of recipient countries and right of development of home countries. It examines the recent interaction between sovereign wealth funds and established international and national actors, and evaluates existing legal regimes. Various oversight regimes for sovereign wealth funds will be proposed.