Ontario Securities Commission

PO Box 55, 19th floor 20 Queen Street West Toronto, ON M5H 3S8

Phone: (416)593-8314 Fax: (416)593-8240

January 24, 2001

[Registrant Name and Address]

Dear Sir/Madam:

A report issued on June 22, 2000 by the Financial Action Task Force ("FATF"), on Money Laundering identified 15 countries and territories as having serious deficiencies in their anti-money laundering regimes. The report may be viewed on the OECD website at www.oecd.org/fagt.

The FATF has called on its member countries, including Canada, to advise their financial institutions to give special attention to businesses and transactions with persons or entities in countries or territories identified in the report as being non-cooperative. These countries are: Bahamas, Cayman Islands, Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, Marshall Islands, Nauru, Niue, Panama, Philippines, Russia, St-Kitts and Nevis and St-Vincent and the Grenadines.

The Canadian Securities Administrators advise you to take extra precautions in any business or affairs your firm may transact directly or through any subsidiary or branch operations with persons or entities from non-cooperative countries or territories.

Sincerely,

[William R. Gazzard]

William R. Gazzard
Director, Capital Markets Branch
Ontario Securities Commission