URGENT/ACTION REQUESTED
[15036]
August 13, 2002
TO: BROKER/DEALER ADVISORY COMMITTEE No. 30-02
COMPLIANCE ADVISORY COMMITTEE No. 62-02
INTERNATIONAL COMMITTEE No. 60-02
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 33-02
MONEY LAUNDERING RULES WORKING GROUP No. 45-02
PRIMARY CONTACTS - MEMBER COMPLEX No. 67-02
TRANSFER AGENT ADVISORY COMMITTEE No. 69-02
RE: OFAC REMOVES ENTITY FROM SDN LIST
Yesterday, we informed you that the Office of Foreign Assets Control (OFAC) blocked
the financial assets of Platinum Commercial Bank Ltd. pending an investigation pursuant to
the Libyan Sanctions Regulation.1 Today, OFAC reported that Platinum Commercial Bank and
Pakistani authorities have now provided sufficient information to have the name of the bank
removed from OFAC’s list of specially designated nationals (SDNs). As a result, its financial
assets are no longer blocked, and the following entry has been deleted from the SDN list:
Platinum Commercial Bank Ltd., Head Office: 76-B Block E-1, Main Blvd.,
Gulberg III, Lahore 54000, Punjab, Pakistan; Main Office: SRI, Business & Finance
Center, Plot No. 7/3 I.I. Chundrigar Rd., Karachi 74200, Sindh, Pakistan; 76
Abdali Rd., Multan, Punjab, Pakistan; all other offices located in Pakistan [BPI-
LIBYA]
If you have questions about OFAC compliance please contact Frances Stadler (phone
202-326-5822; e-mail frances@ici.org) or me (phone 202-371-5430; e-mail rcg@ici.org), or contact
OFAC Compliance directly at 800-540-6322.
Robert C. Grohowski
Associate Counsel
1 OFAC regulations require US persons, including investment companies, to block all accounts and assets of persons
or entities named by OFAC. For an overview of OFAC regulations and a description of the various measures that
mutual fund organizations may wish to consider adopting to ensure compliance with those regulations, refer to the
Institute’s paper entitled “Foreign Assets Control Compliance for Mutual Funds.” This paper is available on the
Institute’s members’ website at http://members.ici.org. The members’ website is password-protected; staff at
Institute member firms may request access codes by filling out the enrollment form on the website.