o o Republic of the Philippines Head OIEcc: Department of Finance P. O. Box 3589 Manila INSURANCE COMMISSION FAXNo.522.l+31 1071 United Nations Avenue Tel. Nos. 523-84-61 to 70 Manila. E-mail: [email protected] t t Circular l-etter No. 7-2003 il To" All Insurance Companies and Insurance Intermediaries Authorized to Transact Business in the Philippines i Subject Resolution # 227 dated 4 April 2003 of the Anti-Money Laundering Council (AMLC) on Iraqi Assets In accordance with the aforementioned AMLC Resolution, attached is a copy of a letter dated 24March 2003 addressed torthe Governor of the Bangko Sentral ng Pilipinas by the United States Government through the US Embassy Manila. { The letter "urges the Philippine. Government to identifu,, freeze and prepare to transfer for the benefJ of the Iraqi people any Iraqi government assets, as well as any ill- gotten gains of Saddam Hussein or his regime in (our) country that have not already been frozeft". Your utmost cooperation is enjoified. t t, it EDUARDo K"r*r, Insurance f, Commissioner 1u it t, ;l 22 Aprll2003 t' l' o 'mbassy ' r:t::i i;;.:i{FI 'r:. i\li^ '', 'i " , M_a,ilu, pltilippiftEggili1r':ll,r:,]. Bdrror:o serrrnal ti* ert.rFtllirs-----.,.--. ) OTFICE OFltrg (i$+rl,ritl(f,rM qtph,24, Z0O3 '03 /f* rry 3 -;; '03 ,f,r$:26 f')'r [1,1i1 25 Mr. Rafael Buenaventura Governor Banko Sentral ng pilipinas Dear Governor Buenaventura: iif, I 31:L,I*:!:gilSins of -hosririries in rraq, ir," unit.ar i i3" 1 linni : ;funds;i,inl,:a. ::3:: ?,, :si:::l:ti.iaccounts currpntlyt.tryy"eea' blocke{.. 1I;: iili "IlE'3"1 : 3; bg1ng,;,vgs!q i-n rrre " uniree"itrt"=IIi" tqd, and deposited r-n an account at t.he Federal- to r,uip-*,.i^'n"ii;';'":*'i.Iil=.ili i:":l::*:;:::,"::^u::1lu rransf ::^:i:in:i:::_:"S' f :"", , . i., -;il- erri,s'I"3.X5-r,1I33 ;:": i:',^,:':::": 6" ;;' #;. i i; " Itu' Illlit :::: are backing- !Il! -'tl, up our- statemenrs ;i;; #;.i:;: T:y1:_*.acti-ons. ,lf .r-'nese I These vestedvest.ed assets will be rise,risedT to benef it. vEvo,rEpeople andcrr'r(l tou., assistasslstr inrn the the rraqi -as the ,."orr=trrailo,reconstruction ofor rraqirra.,. suchq,,alr by funding humanitarian rerief or paymenLpavrne.,t of rr=n.i government workers. of fraqi we urge you to ident.ify, forthebenefitof.therraqi,p;;;i;-;;"rraqigovernmentfreeze and prepare to transfer asset,s, 'Ers' werl.as any iI1-gotten gains of saddam Hussein j ?:^!1i,,=egime, in yol+r'countiy tharr-have nor already been, trozen.,i We hope ybu will ioin ;;, i;tJrgirrg ;ah;;, -' governments to do t.he same. We underst.and that each connt.ryjwill have to determine - ;il-";ii:";I"3";HI :?"":?::, ilnii!'::::,,::1f :;-;;;r;;:*,"-'ii,ir"J""IIilH;: "1"ri3.,,. :l ?lll::lg^:n:-g;I.::-:?,::i:f 13:?":":= .lg4;_-ily=+g.J;';i3',,Il,li*E] .?i l:"ill rraqi people UE+ ::"+::_.n"of fraq. ;d ;";i;;iil:;i.i; ;::"ilEillEirli I I I ! l' , " ;t-.r a t" -; (-|ll I I !l :{ i t : ,t t i- I it \i we recognize thaL some countries'may g,overnmenr assers in r_ocaI not r3r,. any rraqi have rhe domesric i"grr-Iitr.or1iy-;;";;;;;;;:"U may all ,counrrj_es available' for assisrrng ;;k. rhese assers for the benefit i-,,' trr.-i6q"""i'Iuction of rrraq or of ifr"'rirqi people, how supporr ror rhis i"i;i";i;; can pray advancj-nn orrl correcii;;-;;"i;'.' "l', ;"drr iIFI;.#[.5ll.i; , j Sincerely, I i I I Morton uT. Holbrook t Counsel6r for Economic Affairs 1 T t; ti ti: i. r ti' l! h I I I ,l !I l. {' *r IgtrF I rt.