Regulatory Alerts2019-01-01
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.