30 July 2003

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

Dear Sir/Madam,

I wish to draw your attention to section 1(1) of the United Nations Sanctions (Iraq) (Control of Gold, Securities, Payments and Credits) Regulation ("Regulation") whereby assets held by or on behalf of Iraq or by or on behalf of any person resident in Iraq shall not be disposed of without the Financial Secretary's permission. If a direction is given to you by or on behalf of a resident in Iraq, you should notify the Government at the following address so that the Financial Secretary's permission for the release of the gold, securities etc. could be sought in accordance with section 1(1) of the Regulation:

Furthermore, the United Nations 661 (Iraq Sanctions) Committee has recently designated a list of 55 individuals whose assets must be frozen pursuant to the United Nations Security Council Resolution 1483 ("Resolution"). The list of names can be found in the website of the United Nations (www.un.org/Docs/sc/committees/IraqKuwait/1483_lst.htm).

Please check the designated names against your records and take appropriate steps to ensure compliance with the Regulation and the Resolution. You should also report to the Joint Financial Intelligence Unit if any of the relevant names is identified.

Should you have any enquiries, please contact Mr. William Hsieh at 2867 4529 or Ms. Joanne Lin at 2867 2557.

Yours sincerely,

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

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