Regulatory Alerts2022-01-01
Circular No. 2221: Sanctions and Freezing Lists
The Palestine Monetary Authority issued Circular No. 221/2022 to mandate all operating banks in Palestine to immediately implement UN Security Council resolutions, specifically Resolutions 1718 (DPRK) and 2231 (Iran). Financial institutions are required to electronically update their internal sanctions and freezing lists directly from official sources without delay and document all updates. The regulator explicitly warns that strict penalties will be enforced against any non-compliant entities.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (221/2022)
To all banks operating in Palestine
Date: Thursday, September 22, 2022
Subject: Sanctions and Freezing Lists
Based on the provisions of Presidential Decree No. (14) of 2022 regarding the implementation of Security Council resolutions, and in reference to Circular No. (2022/171) concerning Instructions No. (1) of 2022 issued by the Security Council Resolutions Implementation Committee, and registration and subscription to the Committee's website, the Palestine Monetary Authority reiterates the necessity of:
Commitment and Compliance with the Following:
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Immediate implementation of the resolutions published via the Committee's website link indicated below; including Resolution No. (1718) of 2006 concerning the Democratic People's Republic of Korea, and Resolution No. (2231) of 2015 concerning the Iranian nuclear file.
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Working to update the sanctions and freezing lists from their sources immediately, electronically, and without delay, with the results of such updates to be documented.
Please note that the Palestine Monetary Authority will not hesitate to impose the strictest penalties on violators.
Supervision Group
Palestine Monetary Authority
Website registration link: http://sanction.pgp.ps/ar/subscribe
Link to local and international sanctions lists: http://sanction.pgp.ps/ar/SanctionFiles_arb
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel