Financial Operations (Article III Sections 7–8 Specialized Agencies Convention)

Abstract This chapter discusses Article III Section 7–8 of the Specialized Agencies Convention, which lays down a privileged treatment for the financial transactions involving ‘funds, gold, or currency’ held by the Specialized Agencies. Sections 7 and 8 are only concerned with the funds controlled by the agencies themselves, and do not cover the personal funds and bank accounts held by the representatives of their members or by their officials. The wording of Sections 7 and 8 is almost identical to the parallel norms of Art. II Sections 5 and 6 of the General Convention. The chapter first draws attention to the peculiarities of Sections 7 and 8 concerning their context, historical background, and terminological deviations vis-à-vis the provisions in the General Convention. It then outlines insights arising from the practice involving the financial privileges of the specialized agencies.