Warning against money laundering schemes

CIRCULAR LETTER Series of 2004

TO         :        All Banks and Non-Bank Financial Institutions

Attached is a copy of the letter dated 16 December 2003 of Ms. Melita Sta. Maria-Thomaczek, Acting Assistant Secretary, Department of Foreign Affairs, regarding various e-mail messages received by the Philippine Embassy in Washington D.C. about unscrupulous business proposals involving large amount of money from suspicious individuals abroad.  Said proposals are similar to "money laundering schemes" which emanated from South African countries which entice people, who are apparently unaware of the money-making scams, to invest their hard-earned money with a promise of greater returns.

We request you to actively participate in a public awareness campaign to inform our nationals, especially your clients, of these scams and to remind them to be vigilant of such suspicious transactions.

ALBERTO V. REYES Deputy Governor