Regulatory Alerts2022-01-01
Circular No. 173 of 2022 Regarding Implementation Instructions for UN Security Council Resolutions – Payment Companies
The Palestine Monetary Authority issued Circular No. 173 of 2022 to enforce Instructions No. 1/2022, which establish a dedicated electronic platform for the immediate publication and dissemination of UN and local sanctions lists related to terrorist financing and weapons proliferation. The instructions mandate that the Committee Secretariat update these lists within 16 hours of any changes and require all financial institutions, non-financial businesses, and designated professionals to freeze targeted assets within 8 hours of publication without prior notice. Furthermore, the directives outline specific delisting procedures for both UN and local lists and assign oversight responsibilities to the Committee Secretariat and Chairman to ensure full compliance with UN Security Council resolutions.