Regulatory Alerts2022-01-01
Palestine Monetary Authority Circular No. 212/2022: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law
The Palestine Monetary Authority issued Circular No. 212/2022 to mandate compliance with Legislative Decree No. ( ) of 2022, which amends Article 47(1) of the Anti-Money Laundering and Counter-Terrorist Financing Law. The amendment authorizes the Public Prosecutor to petition the Court of First Instance to impose provisional seizures without prior notice to secure assets, with such decisions remaining subject to appeal and without prejudice to bona fide third-party rights. All payment service companies operating in Palestine are required to implement the necessary internal and operational measures to fully adhere to the decree’s updated provisions and regulatory requirements.
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