SCAPIN-96/1: REPORTS OF FOREIGN EXCHANGE ASSETS AND RELATED MATTERS
GENERAL HEADQUARTERS
SUPREME COMMANDER FOR THE ALLIED POWERS
APO 500
25 May 1948
AG 122.2
(25 May 48)
ESS/FI
(SCAPIN-96/1)
| MEMORANDUM FOR | Japanese Government |
|---|---|
| SUBJECT | Reports of Foreign Exchange Assets and Related Matters |
1. Reference is Memorandum for the Japanese Government, AG 123 (6 Oct 45) ESS, SCAPIN-96, dated 6 October 1945, subject: Reports of Foreign Exchange Assets and Related Matters.
2. Paragraph 3 of reference memorandum is hereby rescinded and the following substituted therefor:
“Removal of foreign exchange assets or evidence of ownership thereof, or books, documents and records relating thereto from safe deposit vaults, boxes and/or other places of safekeeping in financial institutions, may be authorized by the Ministry of Finance of the Japanese Government provided a report of each transfer is forwarded to General Headquarters, Supreme Commander for the Allied Powers, Civil Property Custodian, upon the completion of such transfer.”
FOR THE SUPREME COMMANDER:
/s/ J.F. Bradshaw
for /t/ GEORGE R. CONNOR
Colonel, A.G.D.,
Asst. Adjutant General.
MEMO FOR RECORD : (SCAPIN #96/1)
WKL/TEB/JEJ/bb
19 April 1948
1. C.L.C.O. Memo No. 1018 (LO 1396 - AD/CU) dated 29 March 1948, subject: Application of Jonan Credit Association for Permission to Remove Foreign Exchange Assets, forwards a request by the Jonan Credit Association for permission to transfer foreign debentures having a total face value of ¥60,000.00 from the Mitsubishi Bank Ltd., to the Jonan Credit Association. The debentures in question, owned by the Jonan Credit Association, were placed in the Mitsubishi Bank Ltd. during the war for safe keeping. This transfer is requested for auditing purposes and to eliminate continued payment of custody fees on valueless debentures.
2. Memo for JG from GHQ, SCAP AG 123 (6 Oct 45) ESS (SCAPIN 96) dated 6 October 1947, subject: Reports of Foreign Exchange assets and Related Matters, prohibits the removal of any foreign exchange assets or evidence of ownership thereof, or books, documents and records relating thereto from safe deposit vaults and boxes and other places of safe keeping in financial institutions without SCAP approval.
3. It is considered that this application should be approved. The purpose of the memorandum referred to in paragraph 2 above is to prevent the transfer of foreign exchange assets without SCAP knowledge. Inasmuch as SCAP will still have a record of the whereabouts of the debentures in question it is considered that approval of proposed transfer should be given.
4. All similar requests submitted by the Ministry of Finance have been approved as a routine matter. In order to expedite such transfers in the future, it is considered that memorandum referred to in par 2 above should be amended to authorize the Ministry of Finance to approve the transfer of foreign exchange assets or evidence of ownership thereof, or books, documents and records relating thereto from safe deposit vaults, boxes and/or other places of safekeeping in financial institutions without prior SCAP approval provided that a record of each transaction is furnished this Headquarters.
5. Attached is a proposed SCAPIN revising SCAPIN 96 referred to in par 2 above as recommended in par 4 above; also attached is a proposed memorandum to Ministry of Finance approving application referred to in par 1 above.
6. The interests of Korea are not concerned.
7. Concurrences:
CPS ( )
W. K. L.
