Exchange Control
| DOI | 10.1177/0032258X4702000410 |
| Author | H. W. W. Hannam |
| Date | 01 October 1947 |
| Published date | 01 October 1947 |
| Subject Matter | Article |
THE
POLICE
JOURNAL
men are not forthcoming in sufficient numbers. This factor is the
sine qua non on which everything else depends. Neglect of this pre-
requisite is not so much putting the cart before the horse, it is not
troubling to look and see whether there is any horse at all.
Exchange Control
By
DETECTIVE
INSPECTOR
H. W. W. HANNAM
Metropolitan Police, New Scotland
Yard
WAR Emergency Legislation, which created multifarious new
offences, resulted in an immense volume of unfamiliar work for
Police Officers, and it is pleasing to observe the gradual passing of
many of the restrictions imposed by Regulations issued in the form of
Statutory Rules and Orders made under the Emergency Powers
(Defence) Acts, and continued under the Supplies and Services
(Transitional Powers) Act, 1945. Since September, 1939, currency
and foreign financial transactions have been controlled by the Defence
(Finance) Regulations, 1939, which, in the very near future, will also
become obsolete.
The
White Paper issued by H.M. Government in November,
1946, dealing with the introduction of the Exchange Control Bill,
made it abundantly clear that the necessity for strict economy in, and
surveillance of, the use of foreign exchange still exists.
The
Bill has
now been read a third time in the House of Commons, and now only
requires to go through its various stages in the House of Lords and to
receive the Royal Assent before
it
becomes law as the Exchange
Control Act. Thereafter we merely await appointment, by order of
H.M. Treasury, of the day upon which the Act shall come into force
in accordance with Section 44 (2), in order to have control of currency
in permanent Statutory form.
It
may he well to admit that many of us know comparatively little
of the provisions of the Defence (Finance) Regulations or the powers
we possess thereunder, having been content to leave the issue con-
cerning the various offences detailed to the Treasury, who investigate
many of the contraventions without seeking our assistance, it being the
policy of the Lords Commissioners to invoke their powers under
Regulation 8 (i) and write to persons suspected of offences, directing
that answer be furnished to questions which they set out. Many of the
prosecutions under the Regulations are based solely on the incriminating
answers supplied, or for failure to submit, within a time-limit set in
every such letter, the information demanded.
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