Regulatory Alerts2021-01-01
Decision No. (3) of 2021 on High-Risk and Enhanced Follow-Up Countries
The Palestine Monetary Authority’s Financial Follow-Up Unit issued Decision No. (3) of 2021 to formally adopt and enforce the Financial Action Task Force (FATF) lists of high-risk and enhanced-follow-up jurisdictions within Palestine. The decision designates North Korea and Iran as high-risk jurisdictions subject to countermeasures, while updating the enhanced-follow-up list by removing Botswana and Mauritius and adding Jordan, Turkey, and Mali, bringing the total to 23 jurisdictions. All designated non-financial businesses and professions, financial institutions, and money changers are mandated to implement the prescribed anti-money laundering and counter-terrorist financing measures immediately upon circular issuance, with ongoing compliance tied to FATF mutual evaluation reports and national action plans.