Georgia Attorneys Title Guaranty Fund

Underwriting Bulletin No. 75

October 26, 2001

SUBJECT: TERRORIST ASSETS
President George W. Bush has recently issued an Executive Order freezing the assets of 27 individuals and organizations of whom he said there is “clear evidence” of involvement in recent terrorist activities. A chief compliance officer of the Office of Foreign Assets Control (“OFAC”) has indicated that insurance companies and “persons involved in real estate settlements or closings” are legally obligated to “block” any assets of what have previously been referred to as “Foreign Terrorist Organizations” should such assets come under our control in a real estate transaction. The penalty for non-compliance, under federal law is $50,000, or twice the amount that should have been blocked, whichever is greater. In addition to President Bush’s Executive Order, OFAC periodically updates lists of suspected individuals and organizations. These lists are available on the Department of Treasury website at www.ustreas.gov/ofac/, under “Terrorists”, “SDN List” and “SDN Changes”.

Following is the list of the suspected individuals and organizations subject to President Bush’s Order. Please review this list carefully. Should you have any transaction involving assets titled in any of these names please contact the FBI immediately.

In addition, FDIC has issued its Financial Institution Letter FIL-79-2001, conveying a request for help from the FBI. This letter includes a list of 21 suspects in the World Trade Center and Pentagon attacks. This list is also attached. The FBI is requesting “financial institutions” search their records for any transactions with named suspects and report any findings by filing a Suspicious Activity Report (‘SAR”). Though real estate settlement and closings do not fall within the category of “financial institutions” required to virtual SARs, please contact the FBI immediately if you have any information about these suspects.

Please contact the Underwriting Department at the Georgia State Office at 800-328-2642 or 404- 250-1604 if you have any questions.

Please see the printable version of UB# 75 for the list of suspected individuals and organizations.

Printable version: ub75.pdf

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