Regulatory Alerts2018-01-01
Decision No. (2018/3) of 2018 on High-Risk and Enhanced Monitoring Countries for AML/CFT Compliance
The Financial Follow-Up Unit of the State of Palestine, via Decision No. (2018/3), designates North Korea and Iran as high-risk jurisdictions and mandates a complete transaction ban for North Korea and enhanced due diligence for Iran. The decision further places The Bahamas, Botswana, Ghana, Serbia, Pakistan, Syria, Sri Lanka, Angola, Yemen, Tunisia, and Trinidad and Tobago under enhanced monitoring, requiring financial institutions to apply ongoing due diligence and verify transaction purposes and fund sources. Issued on October 23, 2018, this directive updates previous AML/CFT listings and compels all Palestinian financial institutions to immediately implement these measures in compliance with FATF standards and national anti-money laundering legislation.