17 November 2004
To: Chief Executive of all authorized insurance institutions
carrying on long term business
Dear Sir/Madam,
Non-cooperative Countries and Territories ("NCCTs")
I refer to my letters of 10 December 2001 and 18 November 2003 informing you that the Financial Action Task Force on Money Laundering ("FATF") decided to implement counter-measures against Nauru and Myanmar owing to major deficiencies found in their anti-money laundering regime. The FATF has recently withdrawn the counter-measures against Nauru and Myanmar as these countries have introduced new measures to remedy anti-money laundering deficiencies.
Both countries will, however, continue to remain on the NCCTs list until they have fully addressed the remaining deficiencies and adequately implement the necessary laws. The updated list of NCCTs is as follows :
- Cook Islands
- Myanmar
- Nigeria
- Indonesia
- Nauru
- Philippines
You are advised to continue to give special attention to businesses and transactions with persons, including companies and financial institutions, in the above NCCTs, in accordance with Recommendation 21(Note). The related press release issued by the FATF on 22 October 2004 can be found on its homepage (http://www1.oecd.org/fatf/).
United States Executive Order 13224 ("Executive Order")
Further to my letter of 6 October 2004 , I am writing to advise you that the US Government has designated additional names under the Executive Order. The information can be found in the website of the Office of Foreign Assets Control of the US Treasury (www.ustreas.gov/offices/enforcement/ofac/sanctions/terrorism.html). under the respective headings of "Names of Those Designated on 13 October 2004" and "Name of Entity Designated on 15 October 2004".
You should review your records carefully to see whether you have had, or currently have, accounts, transactions or dealings with the named individuals or entities. If such review reveals any suspicious accounts, transactions or dealings, you should promptly notify the Joint Financial Intelligence Unit. You are also reminded to browse the above websites regularly for the latest information.
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
The above materials are presented in PDF format, unless stated otherwise. Please download Adobe Reader for viewing. Install the Asian Font Pack if necessary.