Regulatory Alerts2022-01-01
Circular No. 174 of 2022 Regarding Instructions for Implementing United Nations Security Council Resolutions - Specialized Lending Institutions
The Palestine Monetary Authority issued Circular No. 174 of 2022 to mandate immediate compliance with Instructions No. 1 of 2022, which establish an electronic sanctions website and assign the Committee for Implementing UN Security Council Resolutions with publishing and disseminating UN and local terrorist financing lists. The instructions require financial institutions, specified non-financial businesses and professions, and other entities to freeze all funds and assets of listed persons or entities within eight hours of publication, without prior notice. Furthermore, the Committee Secretariat must publish list updates within 16 hours, provide delisting guidance, and ensure all amendments are recorded in the Official Gazette.
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