As part of the war declared against international terrorism, the Government of the United States of America resolved today to freeze all assets that suspected terrorists and their respective organizations might have under the jurisdiction of the United States, and encourages other countries around the world to adopt similar measures in order to stop the cash flow to terrorist organizations.

Considering the above, the Superintendency of Banks of the Republic of Panama, in due compliance of applicable legislation and procedures, shall keep cooperating and will fully support any national and international efforts which contribute to prevent, combat and eradicate this flagellum against humanity.

By virtue of Law No. 41 of October 2nd, 2000, capitals laundering related to funds linked, among others, to acts of terrorism, is a criminal offense. Consequently, in order to detect accounts -if any- owned by individuals or legal entities with funds resulting from acts of terrorism, the Superintendency of Banks will continue to collaborate with the Financial Analysis Unity (FAU) and other instances, in matters of investigation, and exhorts all banks and trust companies under its supervision and regulation to be particularly diligent in this case with respect to the application of the “know your customer” rule, and in the reports which must, by law, be directly presented to the FAU by all Compliance Officers.

Panama, September 24th, 2001