RegAlert2019-10-30
Added · Updated
Decision No. (3) of 2019 on High-Risk Countries and Countries Under Increased Monitoring
The Financial Follow-Up Unit of the State of Palestine issued Decision No. 3 of 2019 to designate specific jurisdictions as high-risk or under increased monitoring based on FATF assessments. The decision mandates Palestinian financial institutions to impose a complete transaction ban on North Korea and apply enhanced due diligence measures to Iran, while implementing ongoing due diligence for eleven other countries including The Bahamas, Botswana, Ghana, Pakistan, Syria, Iceland, Mongolia, Yemen, Zimbabwe, Trinidad and Tobago, Cambodia, and Panama. This directive supersedes Decision No. 2/2019 and requires immediate compliance with the specified risk-based controls to align with national anti-money laundering and counter-terrorist financing laws.
PMA published 1 document in the last 30 days — get each new one by email the day it lands.
Palestine Monetary Authority
Circular No. (259/2019)
To all banks operating in Palestine
Date: Wednesday, October 30, 2019
Subject: High-Risk Countries and Countries Under Increased Monitoring of Compliance with International Standards
Attached is a copy of Decision No. (3/2019) issued by the Financial Follow-Up Unit on 23/10/2019 regarding high-risk countries and countries under increased monitoring of compliance with international standards, in accordance with the list issued by the Financial Action Task Force (FATF).
Accordingly, all banks operating in Palestine are requested to take the necessary legal measures to implement the requirements of the aforementioned decision and the measures to be taken in this regard.
Supervision and Inspection Department
Palestine Monetary Authority
Copy: To the esteemed Financial Follow-Up Unit
West Bank - Ramallah & Al-Bireh - Palestine P.O.Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O.Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Decision No. (3/2019)
Issued by the Financial Follow-Up Unit
Dated 23/October/2019
Regarding High-Risk Countries and Countries Under Increased Monitoring of Compliance with International Standards
Based on the ruling of Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, particularly paragraph (16) of Article (20), and based on the decision of the National Committee for Combating Money Laundering and Financing of Terrorism No. (8/J/2016) issued on 01/12/2016 regarding delegating the Financial Follow-Up Unit to publish the list of high-risk countries issued periodically by the Financial Action Task Force (FATF), and subsequently what was decided by the Group on 18/10/2019, and in addition to the decision of the National Committee for Combating Money Laundering and Financing of Terrorism No. (6/J/2016) issued on 01/08/2017 regarding the prohibition of financial transactions with the Democratic People's Republic of Korea, and based on public interest requirements, the following is decided:
First: High-Risk Countries
The following countries are considered high-risk due to strategic deficiencies regarding anti-money laundering and counter-terrorist financing standards, and they are to be treated according to the following specifications:
| Country Name | Measures to be Taken |
|---|---|
| Democratic People's Republic of Korea (North Korea) | All financial institutions are prohibited from conducting financial transactions with North Korea. |
State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Continuing to apply enhanced due diligence measures regarding business relationships with the Islamic Republic of Iran
| Country Name | Measures to be Taken |
|---|---|
| Iran | Continuing to apply enhanced due diligence measures regarding business relationships with Iran, including financial transactions executed from or to it, whether for natural or legal persons, and taking into account correspondent relationships with financial institutions operating and licensed in Iran, in accordance with the provisions of Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder, and with FATF Recommendation No. (19) and its Interpretive Note, including collecting information on the purpose of transactions and sources of funds, and conducting enhanced monitoring of business relationships by increasing the number and evaluation of applied controls, and identifying transaction patterns requiring further due diligence and monitoring. |
Second: Countries Under Increased Monitoring of Compliance with International Standards
The following countries are under increased monitoring of compliance with international standards related to combating money laundering and financing of terrorism, and they are to be treated according to the following specifications:
| Country Name | Measures to be Taken |
|---|---|
| Commonwealth of The Bahamas (Bahamas Islands) | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Botswana | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Ghana | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Pakistan | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Syria | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Iceland | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Mongolia | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
| Country Name | Measures to be Taken |
|---|---|
| Yemen | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Zimbabwe | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Trinidad and Tobago | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Cambodia | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
| Panama | Given that these countries have made a high political commitment to address strategic deficiencies, all financial institutions must apply ongoing due diligence measures regarding business relationships with these countries, including financial transactions executed from or to them, to verify the purposes of executed financial transactions and ascertain the sources of funds, in accordance with Law-Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, and the instructions issued thereunder. |
Third: Obligations of Financial Institutions
All financial institutions operating in Palestine must take the measures specified in the tables outlined in items (First) and (Second) of this decision.
Fourth: Repeal
This decision repeals Financial Follow-Up Unit Decision No. (2/2019) issued on 17/July/2019 regarding high-risk countries and/or non-compliant countries with anti-money laundering and counter-terrorist financing standards.
Fifth: Implementation
All competent authorities are required to implement the provisions of this decision, which shall take effect from the date of its issuance.
Director of the Financial Follow-Up Unit
Mr. Wael Lavi
State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps State of Palestine – Al Bireh P.O.Box 3981 Tel.: 0097022967401/2 Fax: 0097022967426
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage: In force
Similar documents from other regulators
BDPCircular Letter No. CC/2026/00000013Portugal · 2026-04-09
FSAFATF Statements on High-Risk JurisdictionsSeychelles · 2026-07-10
FINCENFinCEN Advisory FIN-2019-A004 on FATF-Identified Jurisdictions with AML/CFT DeficienciesUS Federal · 2019-07-12
SARBFATF Call for Enhanced Scrutiny of Transactions with Certain Jurisdictions and UN Sanctions on Weapons of Mass Destruction ProliferationSouth Africa · 2008-06-17
HKMAStatements issued by the Financial Action Task ForceHong Kong · 2022-03-11
CBNFinancial Action Task Force Statements on Jurisdictions Under Increased Monitoring and High-Risk JurisdictionsNigeria · 2022-12-23
SCBSecurities Commission of The Bahamas Notice on FATF High-Risk JurisdictionsBahamas · 2023-03-06
CBJCircular to Licensed Exchange Companies Regarding FATF High-Risk and Monitored JurisdictionsJordan · 2020-07-14
NBTProcedure for Forming and Publishing the List of High-Risk Countries and Territories and Measures Applied to ThemTajikistan · 2025-05-08
NFIUAdvisory on FATF-Identified Jurisdictions Under Increased Monitoring (October 2021)Nigeria · 2021-01-01
GFSCCommission Delegated Regulation (EU) 2016/1675 on high-risk third countries with strategic deficienciesGibraltar · 2026-01-29
BAFINBaFin Circular 3/2012 on FATF Updates for Iran, North Korea and High-Risk JurisdictionsGermany · 2012-07-06
BNACircular Letter No. 02/2023Angola · 2023-03-01
SECImplementation Of FATF Statements On High-Risk Jurisdictions Subject To A Call For Action And Jurisdictions Under Increased MonitoringNigeria · 2026-06-19
BSPCL-2025-011: Financial Action Task Force (FATF) Publications – 21 February 2025Philippines · 2025-02-28
GFSCInstruction Number 02/2017 for Prescribed Businesses: Business from Sensitive SourcesGuernsey · 2017-04-10
MMACircular CN/2024/10079: High Risk JurisdictionsMaldives · 2024-12-29
NBFIRAHigh-Risk Jurisdictions Update (February 2026)Botswana · 2026-02-27
CBTTFATF Advisory on Jurisdictions with Strategic AML/CFT DeficienciesTrinidad and Tobago · 2017-08-25
CSSFCSSF Circular 22/822 on FATF High-Risk Jurisdictions and Increased MonitoringLuxembourg · 2022-10-27
Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works