Further to OSFI's Advisory dated June 6, 2003, (http://www.osfi-bsif.gc.ca/eng/documents/advisories/pages/index.asp?id=03-06-06), the Department of Foreign Affairs and International Trade (DFAIT) has informed us that the United Nations Security Council (UNSC) has designated the names of 55 individuals in connection with the measures contained in paragraph 23 of UNSC Resolution 1483 (2003) and subparagraph 6(b) of General Certificate no. 5, dated May 28, 2003, issued by DFAIT pursuant to section 9 of the United Nations Iraq Regulations..

Under this resolution and certificate, Canadian financial institutions are under an obligation not to release or deal in property that has been removed from Iraq, or acquired by Saddam Hussein or other senior officials of the former Iraqi regime or their immediate family members. This includes any entities directly or indirectly owned or controlled by such individuals. The names of the 55 individuals listed by the United Nations can be accessed by going to DFAIT's Web site or directly to the following location on the United Nation's Web site (http://www.un.org/Docs/sc/committees/IraqKuwait/1483_lst.htm).

For further information, please consult DFAIT's Web site for a copy of the news release on the removal of barriers to commercial and financial transactions with Iraq (http://webapps.dfait-maeci.gc.ca/minpub/Publication.asp?FileSpec=/Min_Pub_Docs/106221.htm&Language=E) or for a copy of General Certificate no. 5 (http://www.dfait-maeci.gc.ca/trade/sanctions-en.asp) issued under the United Nations Iraq Regulations or call the Department of Foreign Affairs and International Trade at (613) 995-1108.

As always, OSFI expects federally regulated financial institutions to observe the relevant laws and regulations of all jurisdictions in which they operate.