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.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (174/2022) To all specialized lending institutions operating in Palestine Date: Thursday, 04 August, 2022
Subject: Instructions for Implementing United Nations Security Council Resolutions
A copy of the instructions issued by the Committee for Implementing United Nations Security Council Resolutions No. (1) of 2022 regarding the implementation of UN Security Council resolutions and the dedicated website for implementing sanctions is attached. You will also find, at the electronic link indicated below, the registration and subscription link to the Committee's website.
Accordingly, immediate measures are requested to implement the provisions of the instructions and to subscribe to the Committee's website.
Supervisory Group Palestine Monetary Authority
Copy:
- His Excellency/ The Attorney General - Honorable Chairman of the Committee for Implementing UN Security Council Resolutions
- The Gentlemen/ The Financial Follow-up Unit
Instructions No. (1/ 2022) Regarding the Implementation of United Nations Security Council Resolutions
Based on the provisions of Law Decree No. (20) of 2015 regarding the combating of money laundering and terrorist financing and its amendments, particularly Article (47) thereof, and Presidential Decree No. (14) of 2015 regarding the implementation of UN Security Council resolutions, particularly Article (10) thereof, and after reviewing the amended internal regulations of the Committee for Implementing UN Security Council Resolutions. And based on the powers delegated to us, and in pursuit of the public interest, we have issued the following instructions:
Article (1)
- For the purposes of applying the provisions of these instructions, the words and phrases contained herein shall have the meanings assigned to them below, unless the context indicates otherwise:
Committee: The Committee for Implementing UN Security Council Resolutions established pursuant to Article (47) of Law Decree No. (20) of 2015 regarding the combating of money laundering and terrorist financing and its amendments.
UN List Related to Combating Terrorist Financing: A list of all persons and entities subject to targeted financial sanctions pursuant to relevant UN Security Council resolutions on terrorist financing, maintained by any sanctions committees, along with all information pertaining to their identification.
Local List: A list containing the names of listed persons and entities established by the Committee.
UN Security Council Resolutions Related to Suppressing the Proliferation of Weapons of Mass Destruction: Resolutions issued by the UN Security Council under Chapter VII of the UN Charter regarding the combating and prevention of proliferation financing, and all current, future, and subsequent related resolutions.
Electronic Website: The website dedicated to the electronic implementation of sanctions, established pursuant to the provisions of these instructions.
- Words and phrases not included in paragraph (1) of these instructions shall have the meanings assigned to them in Law Decree No. (20) of 2015 regarding the combating of money laundering and terrorist financing and its amendments, and Presidential Decree No. (14) of 2015 regarding the implementation of UN Security Council resolutions, unless the context indicates otherwise.
Article (2) Pursuant to these instructions, an electronic website is established for the purpose of publishing and disseminating the UN List and the Local List - and any amendments thereto - to supervisory and competent authorities, financial institutions, specified non-financial businesses and professions, and any other person or entity.
Article (3) The Committee Secretariat shall exercise the competencies and powers stipulated in these instructions.
Article (4) The Committee Secretariat shall undertake the following responsibilities:
- Publish the UN List Related to Combating Terrorist Financing and the Local List on the electronic website and disseminate both lists to supervisory and competent authorities, financial institutions, specified non-financial businesses and professions immediately and without delay, and within a maximum of 16 hours from the issuance of these instructions.
- Publish amendments to the UN List Related to Combating Terrorist Financing and the Local List via the electronic website, including any additions, deletions, or changes to listing information, and disseminate them to supervisory and competent authorities, financial institutions, specified non-financial businesses and professions immediately and without delay, and within a maximum of 16 hours from the publication of these amendments on the relevant UN website.
- The publication and dissemination stipulated in paragraphs (1) and (2) of this Article must include guidelines or a link to guidelines regarding the obligations of supervisory and competent authorities, financial institutions, specified non-financial businesses and professions, and any other person or entity to act and take necessary measures to implement or lift the freezing and blocking.
- The publication and dissemination stipulated in paragraphs (1) and (2) of this Article must include the name of the person or entity listed or delisted from the UN List Related to Combating Terrorist Financing and the Local List, and the name of every person or entity appearing on the UN List Related to Combating Terrorist Financing and the Local List subject to an amendment, along with complete listing information and any explanatory summary related to that listing.
- For persons or entities newly listed on the UN List Related to Combating Terrorist Financing, the publication and dissemination stipulated in paragraphs (1) and (2) of this Article must include guidelines or a link to guidelines regarding submitting a delisting request to the UN Ombudsman Office or to the UN Focal Point for Delisting, as applicable.
- For persons or entities newly listed on the Local List, the publication and dissemination stipulated in paragraphs (1) and (2) of this Article must include guidelines or a link to guidelines regarding submitting a delisting request to the Committee for Implementing UN Security Council Resolutions.
- Monitor the publication of both lists and any amendments thereto in the Official Gazette.
Article (5) Financial institutions, specified non-financial businesses and professions, and any other person or entity must take necessary measures to freeze all funds or other assets thereof, within 8 hours of the publication of the UN List Related to Combating Terrorist Financing or the Local List on the Committee's electronic website, or of the publication of any new listing or amendment to these lists, without prior notice to the listed person or entity.
Article (6) The Committee Secretariat shall monitor the implementation of the content of UN Security Council Resolutions Related to Suppressing the Proliferation of Weapons of Mass Destruction.
Article (7) The Chairman of the Committee shall take necessary measures to implement the provisions of these instructions.
Article (8) All entities shall implement the provisions of these instructions as applicable to them, and they shall take effect from the date of issuance and be published in the Official Gazette. Issued in Ramallah on: 7 / 2022.