18 November 2003
To: Chief Executive of all authorized insurance institutions
carrying on long term business
Dear Sir/Madam,
Non-cooperative Countries and Territories - Myanmar
I write to inform you of the imposition of counter-measures on Myanmar by the Financial Action Task Force ("FATF").
Myanmar was identified as a non-cooperative country or territory ("NCCT") in the fight against money laundering in June 2001. Since then, Myanmar has still not addressed major deficiencies in its anti-money laundering regime. In particular, Myanmar has failed to establish a framework to engage in effective international cooperation in the fight against money laundering, and its anti-money laundering law continues to lack the implementing regulations necessary to make it enforceable.
The FATF has therefore called on its members to apply counter-measures to Myanmar with immediate effect. Such counter-measures, as applicable in the Hong Kong context, are detailed in paragraphs 6 to 10 of the jurisdiction-specific advisory which is attached at Annex I. Hong Kong, being one of the FATF members, is obliged to follow the decision of the FATF and you are requested to implement counter-measures to Myanmar.
A copy of the FATF press release of 3 November 2003 in respect of Myanmar is attached at Annex II for your reference.
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
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