AMLC Resolution No. 90

CIRCULAR LETTER Series of 2005

To: All Banks and Non-Bank Financial Institutions Under BSP Supervision

Attached is a copy of Resolution No. 90 dated 15 August 2005 issued by the Anti-Money Laundering Council relative to the request of the Government of the United States of America for information about Hotel Nasco, including the blocking of its assets.

Hotel Nasco is owned and operated by Ahmed ldris Nasreddin, an individual named by the United States Department of the Treasury as a Specially Designated Global Terrorist (SDG).  Hotal Nasco is being managed by Nasco Business Residence which is designated domestically by the US Government because of its association with the Al-Qaida.

In view thereof, all banks and non-bank financial institutions under BSP supervision are hereby directed to submit directly to the Council reports of covered or suspicious transactions, if any,  involving the Nasco Business Residence and/or Hotel Nasco in accordance with Sections 7 and 9 of the Anti-Money Laundering Act (AMLA), as amended, and  and Rule 9.3 of the Revised Implementing Rules and Regulations.

Thank you for your cooperation.

NESTOR A. ESPENILLA, JR. Deputy Governor