Regulatory Alerts2022-01-01
Dealers-2022- Circular No. 210 Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law
The Palestine Monetary Authority issued Circular No. 210 (2022) to mandate all licensed dealers in Palestine to comply with Legislative Decree No. 39 of 2022 and its amendments concerning anti-money laundering and counter-terrorist financing. The decree amends Article 47(1) to authorize the Court of First Instance, upon the Public Prosecutor's request and without prior notice, to impose provisional seizures while protecting bona fide third-party rights, with such rulings subject to appeal. All competent authorities are required to enforce these provisions immediately upon their publication in the Official Gazette.
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PALESTINE MONETARY AUTHORITY
Circular No. (210 / 2022) To all Dealers operating in Palestine Date: Thursday, 15 September, 2022
Subject: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law
Attached is a copy of the amendment to the provisions of paragraph (1) of Article (47) of Legislative Decree No. (39) of 2022 concerning the combating of money laundering and the financing of terrorism. Accordingly, the necessary measures are requested to comply with the provisions and requirements of the aforementioned decree and its amendments.
Supervision Department Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487
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Legislative Decree No. ( ) of 2022 Amending Legislative Decree No. (39) of 2022 concerning the combating of money laundering and the financing of terrorism
President of the State of Palestine President of the Executive Committee of the Palestine Liberation Organization Based on the Basic Law of the Palestine Liberation Organization, and the Basic Law amended in 2003 and its amendments, and after reviewing Legislative Decree No. (39) of 2022 concerning the combating of money laundering and the financing of terrorism, and the Penal Procedure Law No. (3) of 2001 and its amendments, and the Penal Code No. (16) of 1960 applicable in the northern governorates and its amendments, and the Penal Code No. (74) of 1936 applicable in the southern governorates and its amendments, and Legislative Decree No. (10) of 2018 concerning cybercrimes and its amendments, and Legislative Decree No. (9) of 2010 concerning banks and its amendments, and Legislative Decree No. (42) of 2021 concerning companies, and the Securities Law No. (12) of 2004, and the Law Regulating the Accounting Profession No. (9) of 2004 and its amendments, and the Regular Lawyers Law No. (3) of 1999 and its amendments, and the Customs and Taxes Law No. (1) of 1962 and its amendments, and Law No. (1) of 2000 concerning charitable associations and civil organizations and its amendments, and the Anti-Corruption Law No. (1) of 2005 and its amendments, and Legislative Decree No. (18) of 2015 concerning the combating of drugs and psychotropic substances, and based on the powers delegated to us, and in pursuit of the public interest,
we have issued the following decree:
Article (1) Reference is made to Legislative Decree No. (39) of 2022 concerning the combating of money laundering and the financing of terrorism, for the purposes of this amendment, as the original law.
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Article (2) Paragraph (1) of Article (47) of the original law is amended to read as follows:
- Without prejudice to the provisions of this legislative decree and the rights of bona fide third parties, and upon request by the Public Prosecutor, the Court of First Instance or the competent court hearing the case, or the competent court to which the case is referred, without prior notice, shall decide to impose a provisional seizure, and the provisional seizure decision shall be subject to appeal.
Article (3) Any provision conflicting with the provisions of this legislative decree is repealed.
Article (4) All competent authorities shall implement the provisions of this legislative decree, each within its respective jurisdiction. It shall take effect from the date of its issuance and be published in the Official Gazette.
Issued in Ramallah on: 10 / 9 / 2022.