Regulatory Alerts2017-01-01
Decision No. (1) of 2017 on High-Risk Countries Non-Compliant with AML/CFT Standards
The Financial Follow-Up Unit of the State of Palestine issued Decision No. (1) of 2017 to designate specific countries as high-risk due to non-compliance with AML/CFT standards. The directive mandates a complete prohibition on financial dealings with North Korea, while requiring enhanced due diligence measures for transactions involving Iran, Afghanistan, and eight other listed jurisdictions. All Palestinian public financial institutions and competent authorities are legally bound to implement these tiered risk mitigation protocols immediately upon the decision's issuance.
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