International Sanctions Regimes vs. Privileges and Immunities of the UN Specialized Agencies: the Case of Financial Transactions of the International Fund for Agricultural Development (IFAD)
CÄƒtÄƒlin Graure and Marieclaire Colaiacomo
ABSTRACT: International sanctions regimes, whether adopted by the United Nations Security Council or autonomously by sovereign states or international organisations, have constituted a challenge to the effectiveness of the operations of IFAD as an international financial institution and specialized agency of the United Nations. This paper provides a critical analysis of the mechanisms in place at international and national level as well as practical examples of both the United States and the European Union’s legal framework within which sanctions regimes are established. In furtherance of its mission and objectives1 IFAD performs international financial transactions which have been delayed and sometimes frozen due to autonomous sanctions regimes ignoring the principle of ne impediatur officia and the privileges and immunities regimes as established not only in the constituent instrument of IFAD, but also provided for in the Convention on the Privileges and Immunities of Specialised Agencies of 1947. The specific case of IFAD may not be limited unto itself but can serve as a reflection of the concerns of a wider community of practitioners within the developmental law scene.