15 January 2004

Dear Sir / Madam,

United Nations Security Council Resolution 1483 (2003)

Further to our letter of 17 July 2003, I am writing to inform you that the UN Security Council Committee established by the Resolution 661 (1990) concerning the situation between Iraq and Kuwait has recently designated five Iraqi public entities pursuant to paragraphs 19 and 23 of the Resolution 1483. A press release issued by the Committee together with the detailed particulars of the designated entities can be found on the UN website (www.un.org/News/Press/docs/2003/sc7933.doc.htm).

In Hong Kong, the legislative process for the implementation of the Resolution 1483 in Hong Kong is still underway. In the meantime, you should review your records and report any transactions or relationships you have or have had with the named entities to the Joint Financial Intelligence Unit, with a copy to the HKMA. You are also advised to browse the UN website regularly for the latest information.

Yours faithfully,

William A. Ryback
Deputy Chief Executive