Full text of Federal Reserve Bank of New York Circulars : 44-9. Foreign Funds Control, General License No. 70, as Amended

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TRANSACTIONS

ON BEHALF OF,

OR INVOLVING PROPERTY

PORTUGAL AND I T S

OF,

NATIONALS
Treasury

Department

FOREIGN FUNDS CONTROL
As

GENERAL LICENSE NO.
UNDER EXECUTIVE ORDER NO.

8389,

5(b)

OF THE TRADING

THE ENEMY A C T ,

ACT,

1941,

(1)
rection

RELATING

A general

tion 1 of

TO FOREIGN FUNDS

license

the O r d e r ,

if

of Portugal

which P o r t u g a l ,
of

WITH

or any n a t i o n a l

(a)

Such t r a n s a c t i o n

AS

(b)

Such

of

thereof,

or ( i i )

does not

thereof,

If

such t r a n s a c t i o n

of

the Government

than P o r t u g a l

bank i n

the name o f

national

accounts

in

(l)(c)

or

the e f f e c t i v e

in

date

t o the d i r e c t i o n

than P o r t u g a l

of

o r any n a -

other

than P o r t u g a l ,

in p a r a g r a p h

transfer

the Government

and

o r pursuant

of

t o the
such

transaction

has c e r t i f i e d

that

such

direction
in

transaction

writing
complies

above.
transfer

from a b l o c k e d

to a blocked account
that

this authorization

from a b l o c k e d a c c o u n t

has an i n t e r e s t ,

ac-

in a d o m e s t i c
shall

in which

o r has had an

any

interest

the O r d e r .

(2),

or withdrawal

has c e r t i f i e d ,

the Order had any i n t e r e s t ;

however,

transfer

or
has

any payment o r

provided,

or

of

the Banco de P o r t u g a l ,

has an i n t e r e s t

the e f f e c t i v e d a t e o f

t h e name o f

Banco d e P o r t u g a l

di-

property

Portugal,

of,

o f paragraphs ( a ) and ( b )

a n y payment

E x c e p t as p r o v i d e d

p e r m i t any payment,

to in Sect o the

i n which any b l o c k e d c o u n t r y

has d e t e r m i n e d

the Banco d e P o r t u g a l ;

to a u t h o r i z e

of a blocked country,

(3)

other

the B a n c o d e P o r t u g a l

license also authorizes

a t any time on o r s i n c e

since

or any n a t i o n a l

o r on b e h a l f

Portugal

i n which any n a t i o n a l o f P o r t u g a l

n o t be deemed

involves

or pursuant

the e f f e c t i v e d a t e o f

is not by,

the Banco de P o r t u g a l

general

of,

thereof,

involve property

other

of

w i t h the c o n d i t i o n s
This

t i m e on o r

o r on b e h a l f

s h a l l n o t be e f f e c t e d u n t i l

(2)

POWERS

that:

a t any time on o r s i n c e

count

SECTION

WAR

o f . o r pursuant

such t r a n s a c t i o n

has a t any

i s not by,

transaction

that

1944

Portugal;

any n a t i o n a l
(c)

9193,

THE F I R S T

any t r a n s a c t i o n r e f e r r e d

or on b e h a l f

any b l o c k e d c o u n t r y o r any n a t i o n a l
tional

AMENDED BY

is by,

thereof,

the Order had any i n t e r e s t , provided,

21,

AS AMENDED,
EXECUTIVE ORDER NO.

licensing

such t r a n s a c t i o n

o r any n a t i o n a l

February

CONTROL.*

i s hereby g r a n t e d

(i)

70,

AS AMENDED,

amended

this

general

license

f r o m any b l o c k e d
Portugal

with respect

to the

or

s h a l l n o t be deemed

account

other

than

the Banco de P o r t u g a l ,

transaction,

as p r o v i d e d

until

in

to

blocked
the

paragraph

above.

(4)

This

general

is also a national
(5)

license

shall not apply with respect

o f any o t h e r b l o c k e d

t o any n a t i o n a l

of Portugal

A r e p o r t on Form TFR-149 s h a l l be f i l e d p r o m p t l y i n d u p l i c a t e w i t h the

F e d e r a l R e s e r v e Bank by any banking i n s t i t u t i o n w i t h i n
(a)

through which any r e m i t t a n c e in e x c e s s 6 f
which i s s u e s ,

(c)

which d e b i t s

in e x c e s s of $5,000;
single
(6)

the U n i t e d

(b)

confirms,

of

or a d v i s e s

this

general

any p o l i t i c a l

departments,

provinces,

jurisdiction

thereof),

account

license,

subdivision

counties,

$5,000 o r i g i n a t e s ;

any l e t t e r

of

appropriate

States:

credit

or

i n v o l v i n g an amount

or

any b l o c k e d

item under the a u t h o r i t y o f

As u s e d i n

government

who

country.

i n an amount
this

the "Government

(territories,

municipalities,

o r any p o l i t i c a l

general

in e x c e s s

$5,000

for

any

^include

the

license.
of P o r t u g a l " shall

dependencies,

districts

of

Add i t i o n a 1
R e p o r t ing
Prov is i o n i
deleted
Februa ry 21,
1 944

possessions,

or other p l a c e s

agency or i n s t r u m e n t a l i t y

of

the

states,

subject

to

the

government.

RANDOLPH PAUL

Acting
*

Part

131 ;

-

Sec.

83 8; E* • Order
8832.

July

Order

9193,

25.

s ( b ) ,

8389.
1941.

July


26.
1941 •


6 .

40

S t a t .

April

1 0.

Ex.

Order

1 9 4 2."

415

1 940.
8 963.

and
a s

Regulations,

966;

Sec.

amended

Dec.

9,

April

by

1941.
10.

Secretary
2.

Ex.
and
1 940.

48

S t a t ,

Order
Ex.
as

of
j;

8785.
Order
amended

the
54

June
8998.
June

Treasury

S t a t .
14,
Dec.
14,

55

S t a t .

1941,

Ex.

Order

26.

179;

1 941:

Ex.

and

July

1941,

44-9