Regulatory Alerts2020-01-01
Circular No. 86 (2020) - Exercise Prudence and Caution in Emergency Situations
The Palestine Monetary Authority issued Circular No. 86 (2020) to mandate that all financial institutions operating in Palestine exercise heightened prudence and caution to prevent the exploitation of emergency conditions for money laundering or terrorist financing. The directive requires institutions to maintain uninterrupted anti-money laundering and counter-terrorist financing operations to ensure strict compliance with Legislative Decree No. 20 of 2015 and its implementing regulations. This measure aims to safeguard financial stability while mitigating illicit financial risks during periods of crisis.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (86 / 2020) To all financial institutions operating in Palestine Date: Thursday, March 26, 2020
Subject: Exercise Prudence and Caution in Emergency Situations
In order to maintain financial stability and mitigate the risks of money laundering and terrorist financing during emergency situations, the Palestine Monetary Authority emphasizes the necessity of taking the following measures:
- Exercise prudence and caution to ensure that current conditions are not exploited for money laundering or terrorist financing purposes.
- Ensure the continuity of efforts by staff working within the framework of combating money laundering and terrorist financing crimes to guarantee full compliance with the anti-money laundering and counter-terrorist financing requirements stipulated under Legislative Decree No. (20) of 2015 and its implementing regulations.
Supervision Group Palestine Monetary Authority
Copy to: The Honorable Financial Monitoring Unit
Note: Ramallah & Al-Bireh - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Phone Gaza - Palestine P.O. Box 4026 www.pma.ps