Financial Follow-Up Unit

State of Palestine

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Decision No. (1) of 2018
Issued by the Financial Follow-Up Unit
Dated 20/March/2018

Regarding High-Risk and/or Non-Compliant Countries Regarding AML/CFT Standards

Based on the provisions of Legislative Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, particularly Paragraph (16) of Article (20),

Pursuant to Decision No. (8/J/2016) of the National Committee for Combating Money Laundering and Financing of Terrorism, issued on 01/12/2016, regarding the delegation to the Financial Follow-Up Unit to publish the list of high-risk countries issued periodically by the Financial Action Task Force (FATF),

In addition to Decision No. (6/J/2016) of the National Committee for Combating Money Laundering and Financing of Terrorism, issued on 01/08/2017, regarding the prohibition of financial dealings with the Democratic People's Republic of Korea,

And based on public interest requirements, it is decided as follows:

First

The following countries are considered high-risk as they are non-compliant or partially compliant with AML/CFT standards:

(a) Democratic People's Republic of Korea (North Korea) (financial dealings are prohibited based on the National Committee decision).

(b) Iran, Serbia, Ethiopia, Iraq, Sri Lanka, Syria, Trinidad and Tobago, Republic of Vanuatu, Yemen, Tunisia (those countries are subject to specific measures).

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Financial Follow-Up Unit

State of Palestine

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Second

All financial institutions operating in Palestine shall adopt the specific measures outlined in the attached table to this Decision when dealing with the countries mentioned in Article (First) of this Decision.

Third

All competent authorities shall implement the provisions of this Decision, effective from the date of its issuance.

A. Wael Lavi
Director, Financial Follow-Up Unit

• Attachment: Measures to be taken when dealing with high-risk countries.

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Financial Follow-Up Unit

State of Palestine

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• Attachment to Decision No. (2018/1) issued by the Financial Follow-Up Unit on 20/03/2018

Country Name	Measures to be Taken
Democratic People's Republic of Korea (North Korea)	All financial institutions are prohibited from conducting financial dealings with North Korea.
Iran	Continue to apply enhanced due diligence measures regarding business relationships with Iran, including financial transactions executed from or to it, whether for natural or legal persons, and consider correspondent banking relationships with financial institutions operating and licensed in Iran, in accordance with the provisions of Legislative Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, related instructions, and FATF Recommendation No. 19.
Serbia	Given that these countries have made a high-level political commitment to address strategic deficiencies, all financial institutions shall apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to mitigate red flags and identify fund sources, in accordance with Legislative Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments and related instructions.
Ethiopia
Iraq
Syria
Sri Lanka
Republic of Vanuatu
Yemen
Tunisia
Trinidad and Tobago

• This table updates the table attached to Decision No. (2017/4) on High-Risk and Non-Compliant Countries Regarding AML/CFT Standards, issued by the Financial Follow-Up Unit on 12/12/2017.

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State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps

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3/20/2018
Countries - Financial Action Task Force (FATF)

High-risk and other monitored jurisdictions

Home → Countries → High-risk and other monitored jurisdictions

High-risk and other monitored jurisdictions:

Country	Call for action	Other monitored jurisdictions
Democratic People's Republic of Korea (DPRK)	•
Ethiopia		•
Iran	•
Iraq		•
Serbia		•
Sri Lanka		•
Syria		•
Trinidad and Tobago		•
Tunisia		•
Vanuatu		•
Yemen		•

This map is for illustrative purposes and is without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or areas.

On the basis of the results of the review by the International Co-operation Review Group (ICRG), the FATF identifies jurisdictions with strategic AML/CFT deficiencies in the following public documents that are issued three times a year: FATF Public Statement (call for action) and Improving Global AML/CFT Compliance: On-going Process (other monitored jurisdictions).

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