Regulatory Alerts2021-01-01
Decision No. (1) of 2021 - High-Risk and Increased Monitoring Jurisdictions
The Palestine Monetary Authority's Financial Follow-Up Unit issued Decision No. (1) of 2021 to formally adopt and enforce the FATF's updated lists of High-Risk Countries and Countries under Increased Monitoring. The decision mandates all payment service companies and designated non-financial businesses and professions in Palestine to immediately implement enhanced due diligence and countermeasures against North Korea and Iran, while applying increased monitoring procedures to 19 jurisdictions including Burkina Faso, the Cayman Islands, Morocco, and Senegal. Compliance requires institutions to align their internal controls with the specific strategic deficiencies outlined in the annexed mutual evaluation reports and to execute the associated action plans to mitigate money laundering and terrorist financing risks.