| BY FAX | ||
| March 21, 2003 | ||
| TO: |
All Banks
Federally Regulated Trust and Loan Companies Federally Regulated Life Insurance Companies Federally Regulated Property and Casualty Insurance Companies Federally Regulated Cooperative Credit Associations Fraternal Benefit Societies Foreign Bank Representatives |
| cc: | Provincial Regulators and Supervisors
Canadian Association of Direct Response Insurers Canadian Bankers Association Canadian Fraternal Association Canadian Life and Health Insurance Association Canadian Securities Administrators Credit Union Central of Canada Insurance Bureau of Canada Investment Dealers Association of Canada Trust Companies Association of Canada |
| RE: | Identification of Iraqi Financial Assets and Transactions United Nations Iraq Regulations |
|
On March 20, 2003, the U.S. Government announced a series of measures directed at Iraqi financial assets in the U.S. OSFI would like to remind all Canadian financial institutions of their obligations under the United Nations Iraq Regulations (SOR/90-531). Section 6 of those Regulations prohibits dealing with assets of the Government of Iraq and related agencies, which amounts to a freeze of these assets. Section 6 also prohibits other transactions related to Iraq. As always, OSFI expects federally regulated financial institutions to observe the relevant laws and regulations of all jurisdictions in which they operate. For more detailed information on the Regulations, please refer to the following Internet sites:
http://www.dfait-maeci.gc.ca/trade/sanctions-en.asp | |
| Julie Dickson Assistant Superintendent Regulation Sector |
|