Regulatory Alerts2022-01-01
Law Decree No. 39 of 2022 on Combating Money Laundering and Financing of Terrorism
Issued by the President of the State of Palestine, Law Decree No. 39 of 2022 establishes a comprehensive legal framework to combat money laundering and terrorism financing by defining key terms, criminalizing related offenses, and mandating strict compliance obligations for financial institutions, specified non-financial businesses and professions, and non-profit organizations. The decree requires entities to implement risk-based approaches, conduct thorough customer due diligence, maintain transparent beneficial ownership records, and prohibit dealings with shell banks or bearer shares. It further empowers the Palestinian Monetary Authority and the National Committee to supervise enforcement, align domestic regulations with international standards, and ensure coordinated reporting and asset freezing mechanisms.