Regulatory Alerts2021-01-01
Decision No. 2 of 2021 - High-Risk and Increased Monitoring Jurisdictions
The Palestine Monetary Authority and Financial Follow-Up Unit issued Decision No. 2021/2 and Circular No. 137/2021 to formally adopt and enforce the FATF's lists of High-Risk (Black List) and Countries Under Enhanced Monitoring (Grey List) jurisdictions. The decision mandates all payment service companies, financial institutions, and designated non-financial businesses and professions in Palestine to implement countermeasures against North Korea and Iran, while applying enhanced monitoring procedures to 22 greylisted countries including Haiti, Malta, South Sudan, and the Philippines. It further requires these entities to review mutual evaluation reports and execute national action plans to address identified AML/CFT deficiencies, with specific compliance milestones and risk-based supervision obligations detailed in the attached appendix.