This is to advise you that on October 11, 2002, the FATF announced it had removed four more countries – Russia, Dominica, Niue and the Marshall Islands - from its list of non-cooperative countries and territories (NCCT) in the fight against money laundering. The FATF indicated it will continue to monitor closely future developments in these jurisdictions; however, in the meantime, it welcomes the progress made by a number of the 11 jurisdictions remaining on the NCCT list. The FATF plans to review the situation of each country on the NCCT list in February 2003 at its next plenary meeting.

Federally regulated financial institutions operating in Canada are asked to give special attention to businesses and transactions with persons, including companies and financial institutions, operating in NCCTs, by exercising appropriate due diligence and caution in reviewing any transactions with such persons or entities.

For a list of the 11 counties and territories remaining on the FATF’s NCCT list, please refer to the FATF’s news release located at (http://www1.oecd.org/fatf/pdf/PR-20021011_en.pdf). The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has also issued an advisory with regards to this issue.

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