Regulatory Alerts2022-01-01
Circular No. 209/2022: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law
The Palestine Monetary Authority issued Circular No. 209/2022 to direct all operating banks to comply with Decree-Law No. ( ) of 2022, which formally amends Article 47(1) of the Anti-Money Laundering and Counter-Terrorist Financing Law. The amendment empowers the Court of First Instance or the relevant competent court, upon request by the Public Prosecutor and without prior notice, to lift provisional seizures while safeguarding bona fide third-party rights, and explicitly maintains that seizure decisions remain appealable. Financial institutions must immediately adopt these procedural updates and ensure full regulatory compliance effective from the decree's publication date.
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