Mark Dallal v Islamic Republic of Iran, and, Bank Mellat (formerly International Bank of Iran), Case No. 149 : Award No. 53-149-1 of 10 June 1983, YCA 1984 (Vol. IX), at 264 et seq.

Award in Case No. 149 (53-149-1) of 10 June 1983

Strong reasons suggest that also international tribunals should respect the relevant provisions in the IMF Agreement.


“As stated above, the language of the IMF Agreement imposes on courts and administrative authorities, as well as on international tribunals, not only a right but a duty to refuse enforcement of exchange contracts, including capital transfers, 4 falling under the provisions of Article VIII Section 2(b) of the Agreement. The effects of this provision would to a considerable extent be negated, if a court always were to place the burden of proof regarding the character of the transaction on parties not involved in the operation.

4 See F. A. Mann, The Legal Aspect of Money, Oxford 1982, p. 382.

Referring Principles
Trans-Lex Principle: V.2.4 - Distribution of currency transfer risk
A project of CENTRAL, University of Cologne.