Regulatory Alerts2019-01-01
Circular No. 123/2019: Caution and Vigilance Regarding Suspected Counterfeit or Forged Currencies
The Palestine Monetary Authority issued Circular No. 123/2019 mandating all currency exchangers in Palestine to exercise heightened caution and vigilance when processing Euro exchanges and remittances due to suspected counterfeit currency infiltration. The directive requires immediate reporting of suspected counterfeit notes to the Public Prosecution under Article 244 of the Penal Code and filing suspicion reports with the Financial Monitoring Unit per Anti-Money Laundering legislation. Additionally, exchangers must conduct regular inspections of currency counting machines and upgrade verification equipment to meet specific technical standards for detecting counterfeit, damaged, and security features using infrared, ultraviolet, watermark, and magnetic technologies.