Foreign Exchange and Foreign Trade Control Law. Copyright Roderick Seeman

Article 11 (Correspondent arrangements)

Any bank having obtained an authorization under the preceding Article, Paragraph 1 or any foreign exchange bank defined by the Foreign Exchange Bank Law (Law No. 67 of 1954) (hereinafter collectively referred to as "authorized foreign exchange banks") shall obtain approval of the Minister of Finance before concluding any correspondent arrangement with banks or other financial institutions operating in foreign countries for the purpose of carrying out transactions governed by this Law.