Lawyers need to understand the factors that contribute to financial crises because they have to be intimately involved in the drafting and implementation of measures designed to prevent, or at least ameliorate, such crises. Poor prudential regulation and poor corporate governance standards were each significant contributing causes to the Asian crisis and their upgrading will require the extensive involvement of lawyers. Likewise, a major debate has been in progress, with virtually no input from lawyers, on the role of capital controls in allowing countries the capital they want, while deterring the capital they do not want. Yet capital controls, when applied, have to be drafted, and ultimately enforced, by lawyers. This article critically assesses such capital controls and the role they can play in contributing to a more stable international financial system.