Regulatory Alerts2022-01-01
Circular No. (175) of 2022 Regarding Instructions for Implementing United Nations Security Council Resolutions for Banks
The Palestine Monetary Authority issued Circular No. 2022/175 to enforce Instructions No. 2022/1, which mandate the immediate establishment of an electronic portal for publishing UN and local sanctions lists concerning terrorist financing and weapons of mass destruction proliferation. The Committee for Implementing UN Security Council Resolutions must update these lists and disseminate amendments within a strict 16-hour timeframe, accompanied by clear guidelines for designated authorities and financial institutions on executing and lifting asset freezes. All regulated entities are required to subscribe to the portal and immediately implement the stipulated freezing and blocking measures upon publication.
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