REGULATORY ALERT

NATIONAL CREDIT UNION ADMINISTRATION
1775 Duke Street, Alexandria, VA  22314

DATE:                 June 2002                              NO:  02-RA-05

TO:                      All Federally-Insured Credit Unions

SUBJECT:          Office of Foreign Assets Control Specially Designated Narcotics Traffickers Added to List

The Department of the Treasury’s Office of Foreign Asset Control (OFAC) frequently amends its listing of Specially Designated Narcotics Traffickers (SDNTKs).

OFAC has added seven SDNTKs to its list of Narcotics Traffickers.  Their assets must be blocked immediately.  For complete details, OFAC’s web site is:  www.treas.gov/ofac or for fax-on-demand service (202/622-0077).  Credit unions that do not have access to the Internet can call OFAC compliance at:  1-800-540-6322.

In the future, we will continue to provide you with periodic amendments or updates to the list, however, since orders requiring blocking or freezing of assets are immediate upon publication on OFAC’s web site, you should periodically check the web site for updates.

                                                            Sincerely,

                                                              /S/

                                                            Dennis Dollar
                                                            Chairman