MALACAÑANG PALACE
ManilaBY THE PRESIDENT OF THE PHILIPPINES
Proclamation No. 556
PUBLISHING EXECUTIVE ORDERS BY THE PRESIDENT OF THE UNITED STATES, GENERAL RULINGS AND REGULATIONS BY THE SECRETARY OF THE TREASURY OF THE UNITED STATES, AND ANNOUNCEMENTS BY THE OFFICE OF THE UNITED STATES HIGH COMMISSIONER, ISSUED FROM JANUARY 15, 1934 TO MAY 13, 1940, RELATING TO PROPERTY IN WHICH NORWAY, DENMARK, BELGIUM, THE NETHERLANDS, LUXEMBOURG, OR NATIONALS THEREOF HAVE AN INTEREST.
Whereas the President of the United States did. on January 15, 1934 and April 10, 1940, issue the following Executive Orders:
1. "EXECUTIVE ORDER NO. 6560, REGULATING TRANSACTIONS IN FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AND THE EXPORT OF COIN AND CURRENCY
"By virtue of the authority vested in me section 5 (b) of the Act of October 6, 1917 (40 Stat. L. 411) as amended by section 2 of the Act of March 9, 1933, entitled An Act to provide relief in the existing national emergency in banking and for other purposes, I Franklin D. Roosevelt, President of the United...
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Proclamations
Publishing Executive Orders By the President of the United States, General Rulings and Regulations By the Secretary of the Treasury of the United States, and Announcements By the Office of the United States High Commissioner, Issued From January 15, 1934 To May 13, 1940, Relating To Property in Which Norway, Denmark, Belgium, the Netherlands, Luxembourg, Or Nationals Thereof Have An Interest
Proclamation No. 556
Summary of the Law:
Regulation of Foreign Exchange Transactions and Property Interests
- Prohibits foreign exchange transactions, transfers of credit, and exports of currency without a license, with exceptions for normal business, travel, and pre-existing obligations. (Section 1)
- Allows transfers of credit between U.S. and its territories without a license. (Section 2)
- Authorizes the Secretary of the Treasury and Federal Reserve Banks to grant licenses for specific cases or classes. (Section 3)
- Requires Federal Reserve Banks to report unlicensed transactions to the Secretary of the Treasury. (Section 4)
- Authorizes the Secretary of the Treasury to prescribe regulations, require information under oath, and impose penalties for violations. (Sections 5 and 6)
- Defines key terms like "United States", "banking institution", and "person". (Section 7)
Provisions Regarding Norway and Denmark (Effective April 10, 1940)
- Prohibits transfers of credit, payments, foreign exchange transactions, and exports/withdrawals of currency involving property interests of Norway, Denmark, or their nationals, without a license. (Section 9)
- Requires reports under oath on property interests of Norway, Denmark, or their nationals in the U.S. as of April 8, 1940, with exceptions for interests under $250. (Section 10)
- Defines "Norway", "Denmark", and "national" for the purposes of the law. (Section 11)
- Authorizes the Secretary of the Treasury to prescribe additional regulations and conditions for licenses. (Section 12)
Provisions Regarding Netherlands, Belgium, and Luxembourg (Effective May 10, 1940)
- Extends the prohibitions and reporting requirements to property interests of the Netherlands, Belgium, Luxembourg, or their nationals as of May 10, 1940. (Sections 3 and 4)
- Defines "nationals" of the Netherlands, Belgium, and Luxembourg. (Section 11)
Reporting Requirements and Penalties
- Requires reports on Form TFR-100 for property interests of covered countries and nationals by May 15, 1940 (for Norway and Denmark) and within 30 days of publication (for Netherlands, Belgium, and Luxembourg). (Section 4)
- Specifies reporting procedures, extensions, and form availability. (Section 4)
- Imposes penalties of up to $10,000 fine and/or 10 years imprisonment for willful violations. (Section 5)
Regulation of Foreign Exchange Transactions and Property Interests
- Prohibits foreign exchange transactions, transfers of credit, and exports of currency without a license, with exceptions for normal business, travel, and pre-existing obligations. (Section 1)
- Allows transfers of credit between U.S. and its territories without a license. (Section 2)
- Authorizes the Secretary of the Treasury and Federal Reserve Banks to grant licenses for specific cases or classes. (Section 3)
- Requires Federal Reserve Banks to report unlicensed transactions to the Secretary of the Treasury. (Section 4)
- Authorizes the Secretary of the Treasury to prescribe regulations, require information under oath, and impose penalties for violations. (Sections 5 and 6)
- Defines key terms like "United States", "banking institution", and "person". (Section 7)
Provisions Regarding Norway and Denmark (Effective April 10, 1940)
- Prohibits transfers of credit, payments, foreign exchange transactions, and exports/withdrawals of currency involving property interests of Norway, Denmark, or their nationals, without a license. (Section 9)
- Requires reports under oath on property interests of Norway, Denmark, or their nationals in the U.S. as of April 8, 1940, with exceptions for interests under $250. (Section 10)
- Defines "Norway", "Denmark", and "national" for the purposes of the law. (Section 11)
- Authorizes the Secretary of the Treasury to prescribe additional regulations and conditions for licenses. (Section 12)
Provisions Regarding Netherlands, Belgium, and Luxembourg (Effective May 10, 1940)
- Extends the prohibitions and reporting requirements to property interests of the Netherlands, Belgium, Luxembourg, or their nationals as of May 10, 1940. (Sections 3 and 4)
- Defines "nationals" of the Netherlands, Belgium, and Luxembourg. (Section 11)
Reporting Requirements and Penalties
- Requires reports on Form TFR-100 for property interests of covered countries and nationals by May 15, 1940 (for Norway and Denmark) and within 30 days of publication (for Netherlands, Belgium, and Luxembourg). (Section 4)
- Specifies reporting procedures, extensions, and form availability. (Section 4)
- Imposes penalties of up to $10,000 fine and/or 10 years imprisonment for willful violations. (Section 5)