Regulatory Alerts2025-01-01
Circular No. 20 High-Risk Countries and Enhanced Follow-Up Countries
The Palestine Monetary Authority, through its Financial Follow-Up Unit, issued Circular No. 20/2025 to implement Decision No. 2025/1, which updates the lists of High-Risk (Black List) and Enhanced Follow-Up (Grey List) countries based on FATF classifications. The circular mandates financial institutions and specified non-financial businesses to apply risk-based due diligence, enhanced measures for high-risk jurisdictions (North Korea and Iran), and specific operational restrictions, while integrating Lao and Nepal into the Grey List and removing the Philippines. It requires continuous self-assessment of AML/CFT risks, strict adherence to targeted financial sanctions, and timely reporting of suspicious transactions in accordance with the attached action plans and deficiency reports.