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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F TH E U N ITE D S T A T E S Dallas, Texas, July 31,1956 EGYPTIAN ASSETS CONTROL REGULATIONS To all Banking Institutions in the Eleventh Federal Reserve District: The Secretary of the Treasury issued today, effective immediately, Egyptian Assets Control Regulations blocking all assets of and transactions with the Egyptian Government and the Suez Canal Company. Private Egyptian assets are not blocked. These Regulations although independent of the Foreign Assets Control Regu lations are virtually identical with them except for countries and nationals covered. Text o f the Regulations The following regulations are hereby adopted controlling all assets of and transactions with Egypt and the Suez Canal Company: Section 510.201 Transactions involving Egypt or the Suez Canal Company, (a) All of the follow ing transactions are prohibited, except as specifically authorized by the Secretary of the Treasury (or any person, agency, or instrumentality designated by him) by means of regulations, rulings, instruc tions, licenses, or otherwise, if either such transactions are by, or on behalf of, or pursuant to the direction of Egypt, or the Suez Canal Company (Cie. Universelle du Canal Maritime de Suez), or such transactions involve property in which Egypt, or the Suez Canal Company, has at any time on or since the effective date of this section had any interest of any nature whatsoever, direct or indirect: (1) All transfers of credit and all payments between, by, through, or to any banking institution or banking institutions wheresoever located, with respect to any property subject to the jurisdiction of the United States or by any person (including a banking institution) subject to the jurisdiction of the United States; (2) All transactions in foreign exchange by any person within the United States; and (3) The exportation or withdrawal from the United States of gold or silver coin or bullion, cur rency or securities, or the earmarking of any such property, by any person within the United States. (b) All of the following transactions are prohibited, except as specifically authorized by the Sec retary of the Treasury (or any person, agency, or instrumentality designated by him) by means of regulations, rulings, instructions, licenses, or otherwise, if such transactions involve property in which Egypt or the Suez Canal Company has at any time on or since the effective date o f this section had any interest of any nature whatsoever, direct or indirect: (1) All dealings in, including, without limitation, transfers, withdrawals, or exportations of, any property or evidences of indebtedness or evidences of ownership of property by any person subject to the jurisdiction of the United States: and This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) All transfers outside the United States with regard to any property or property interest subject to the jurisdiction of the United States. (c) Any transaction for the purpose or which has the effect of evading or avoiding any of the prohibitions set forth in paragraphs (a) or (b) of this section is hereby prohibited. (d) The term Egypt as used herein shall mean (1) The State and the Government of Egypt as well as any political subdivision, agency, or instrumentality thereof or any territory, dependency, colony, protectorate, mandate, dominion, pos session or place subject to the jurisdiction thereof; and (2) Any person to the extent that such person is, or has been, or to the extent that there is rea sonable cause to believe that such person is, or has been, since the “ effective date” , acting or purporting to act directly or indirectly for the benefit or on behalf of any of the foregoing; and (3) Any territory which on or since the “ effective date” is controlled or occupied by the military, naval or police forces or other authority of Egypt. (e) This section shall be effective as of 1:40, P.M., Eastern Standard Time, July 31,1956. Section 510.301 Definitions and Interpretations, (a) The definitions and interpretations con tained in Section 500.301-500.409 of the Foreign Assets Control Regulations shall be applicable under these regulations. (b) Wherever the term “ designated foreign country” is used in any section of the foreign assets control regulations it shall be deemed to include Egypt for every purpose of this part. Section 510.501 Licenses. Transactions otherwise prohibited by Section 510.201 are hereby licensed provided that such transactions would be licensed by Section 500.501-500.539 of the Foreign Assets Control Regulations if they were subject to Section 500.201 thereof. Section 510.701 Penalties. The provisions of Section 500.701 of the Foreign Assets Control Regulations shall be applicable to these Regulations. Section 510.801 Procedures. The provisions of Sections 500.801-500.807 of the Foreign Assets Control Regulations shall be applicable under these regulations. Authority: Section 510.301 to 510.801 issued under sec. 5,40 Stat. 415, as amended; 50 USC, App. 5. EO 9193, July 6,1942, 7 FR 5205; 3 CFR 1943 Cum. Supp., EO 9989, Aug. 20,1948,13 FR 4891; 3 CFR 1948 Supp. Yours very truly, Watrous H. Irons President
