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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (123/2019)
To All Currency Exchangers Operating in Palestine
Date: Thursday, May 09, 2019
Subject: Caution and Vigilance Regarding Suspected Counterfeit or Forged Currencies
In its commitment to curbing the phenomenon of currency counterfeiting and mitigating the risks of money laundering and terrorist financing crimes, the Palestine Monetary Authority emphasizes to all currency exchangers the necessity of exercising caution and vigilance when handling currency exchange operations and issuing financial remittances in Euros, due to suspicions of attempts to pass suspected counterfeit or forged currencies through exchange counters and safes, and in full compliance with the following:
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Requirements of Instructions No. (2012/04) regarding counterfeit/forged currency, including reporting to official authorities, the Public Prosecution, in accordance with Article No. (244) of the Penal Code, and notifying the Palestine Monetary Authority of the incident and proof of reporting to official authorities.
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Submitting a suspicion report to the Financial Monitoring Unit for Counterfeiting and Forgery Crimes in accordance with the provisions of Legislative Decree No. (20) of 2015 and its amendments regarding the prevention of money laundering and terrorist financing.
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Regular inspection of currency counting and verification machines and strengthening measures taken to mitigate the risks of counterfeit and forged currency circulation, including providing verification machines that meet the following specifications:
a. Ability to count all denominations of the same currency.
b. Ability to identify security features and characteristics for each currency in circulation in Palestine.
c. Detection of counterfeit and damaged notes.
d. Capability to verify security currencies using infrared, ultraviolet, watermarks, and magnetic detection.
Supervision and Inspection Department
Palestine Monetary Authority
Note:
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps