Regulatory Alerts2023-01-01
Decision No. (1) of 2023 Regarding High-Risk Countries and Countries Under Enhanced Follow-Up
The Palestine Monetary Authority issued Circular No. 53/2023 to enforce Financial Follow-Up Unit Decision No. (2023/1), which updates the lists of high-risk and countries under enhanced follow-up in alignment with FATF standards. The directive mandates that all financial institutions and designated non-financial businesses and professions apply risk-based approaches and enhanced due diligence measures when dealing with entities in these jurisdictions. Specific sanctions and operational restrictions are imposed on countries in the black list, such as North Korea and Iran, while strategic deficiencies and action plans are detailed for countries on the grey list.
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