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.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (212/2022) To all payment service companies operating in Palestine Date: Thursday, 15 September, 2022
Subject: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law
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 is attached herewith. Accordingly, the necessary measures are requested to be taken to comply with the provisions and requirements of the aforementioned Legislative Decree and its amendments.
Supervision Group Palestine Monetary Authority
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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 Criminal Procedure Law No. (3) of 2001 and its amendments, and the Penal Code No. (16) of 1960 in force in the northern governorates and its amendments, and the Penal Code No. (74) of 1936 in force 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 on the Practice of the Accounting Profession No. (9) of 2004 and its amendments, and the Law on Regular Lawyers No. (3) of 1999 and its amendments, and the Customs and Duties 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 narcotics and psychotropic substances, and based on the powers delegated to us, and in pursuit of the public interest,
We have issued the following Legislative Decree:
Article (1) Reference shall be 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.
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, to 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, to decide on the imposition of a provisional seizure, and the provisional seizure decision shall be subject to appeal.
Article (3) All provisions conflicting with the provisions of this Legislative Decree are repealed.
Article (4) All competent authorities, each within its respective jurisdiction, shall implement the provisions of this Legislative Decree, which shall take effect from the date of its issuance and be published in the Official Gazette.
Issued in the city of Ramallah on: 10 / 9 / 2022.