10 March 2004

To: Chief Executive of all authorized insurance institutions
      carrying on long term business

Dear Sir/Madam,

The Financial Action Task Force on Money Laundering ("FATF") has recently removed Ukraine and Egypt from the list of NCCTs having regard to the significant progress they made in improving their anti-money laundering regimes. With their removal from the list, the procedures prescribed in Recommendation 21 ^Note of the FATF Forty Recommendations against Ukraine and Egypt have been withdrawn. The updated list of NCCTs is as follows :

• Cook Islands
• Myanmar
• Philippines
• Guatemala
• Nauru
• Indonesia
• Nigeria

You are advised to give special attention to businesses and transactions with persons, including companies and financial institutions, in the above NCCTs, in accordance with Recommendation 21.

The related press release issued by the FATF can be found on its homepage ( http://www1.oecd.org/fatf/).

Should you have any enquiries, please contact Mr. William Hsieh at 2867 4529 or Miss Connie Cheng at 2867 4815.

Yours sincerely,

(Ros K. T. Lam)
for Commissioner of Insurance

Note:
Recommendation 21 : Financial institutions should give special attention to business relations and transactions with persons, including companies and financial institutions, from countries which do not or insufficiently apply the FATF Recommendations. Whenever these transactions have no apparent economic or visible lawful purpose, their background and purpose should, as far as possible, be examined, the findings established in writing, and be available to help competent authorities. Where such a country continues not to apply or insufficiently applies the FATF Recommendations, countries should be able to apply appropriate countermeasures.

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