March 4, 2004 FINTRAC Advisory

Financial Action Task Force on Money Laundering (FATF) Releases Update to List of Non-Cooperative Countries and Territories (NCCT)

On February 27, 2004, the FATF, of which Canada is a member, announced that it has removed Egypt and Ukraine from the NCCT list. In line with past practices, the FATF will continue to monitor closely the implementation of the anti-money laundering system in this jurisdiction.

Seven countries and territories remain on the FATF's NCCT list. They are: the Cook Islands, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, and the Philippines.

The FATF continues to call on its members to advise their banks and other financial institutions and intermediaries of changes to the NCCT list and to give special attention to businesses and transactions with persons, including companies, financial institutions and other entities operating in non-cooperative countries and territories.

Accordingly, with respect to any business or affairs that may be transacted with persons or entities domiciled in non-cooperative countries and territories, special attention should be given by exercising appropriate due diligence and caution in conducting any transactions with such persons or entities.

The Office of the Superintendent of Financial Institutions (OSFI) has also issued an advisory to all federally regulated financial institutions. For a copy of the letter visit: www.osfi-bsif.gc.ca.

For further information on the FATF's NCCT list, please consult the FATF website.

FINTRAC is an independent federal government agency with a mandate to collect, analyze, assess and, where appropriate, disclose information in order to assist in the detection, prevention and deterrence of money laundering and the financing of terrorist activities.