In a December 5, 2001 press release, the FATF, of which Canada is a member, announced that it would apply additional counter-measures to Nauru as a result of that government's failure to enact, by November 30, 2001, appropriate legislative amendments to its Anti-Money Laundering Act of August 28, 2001. Nauru is identified on the FATF's list of non-cooperative countries. For a current listing of all the non-cooperative countries, please refer to the FATF Internet site at http://www1.oecd.org/fatf/NCCT_en.htm.

Accordingly, with respect to any business or affairs that may be transacted by financial institutions with persons or entities domiciled in Nauru, we request that your financial institution, whether directly or through any subsidiary or branch operations, exercise due diligence and caution in reviewing any transactions with such persons or entities. In addition, we request that you undertake appropriate customer identification due diligence to ensure that the principals or beneficial owners are identified.

Thank you very much for your anticipated co-operation in this matter.