Regulatory Alerts2022-01-01
Lending-2022- Circular No. 211 Amendment to the Anti-Money Laundering and Counter-Terrorism Financing Law
The Palestine Monetary Authority issued Circular No. 211/2022 to direct all specialized lending institutions in Palestine to comply with Legislative Decree No. ( ) of 2022, which formally amends Article 47(1) of the Anti-Money Laundering and Counter-Terrorism Financing Law. The amendment authorizes the Court of First Instance or relevant competent court, upon the Public Prosecutor's request and without prior notice, to lift provisional seizures while preserving bona fide third-party rights, with the seizure decision remaining subject to appeal. All relevant authorities must enforce these provisions effective upon the decree's official publication.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. ( 211 / 2022) To all specialized lending institutions operating in Palestine Date: Thursday, 15 September, 2022
Subject: Amendment to the Anti-Money Laundering and Counter-Terrorism Financing Law
Attached is a copy of the amendment to the provisions of paragraph (1) of Article (47) of Legislative Decree No. (39) of 2022 concerning the combating of money laundering and terrorism financing. Accordingly, the necessary measures are requested to comply with the provisions and requirements of the aforementioned Legislative Decree and its amendments.
Supervision Group Palestine Monetary Authority
Legislative Decree No. ( ) of 2022 AD Amending Legislative Decree No. (39) of 2022 AD concerning the combating of money laundering and terrorism financing
President of the State of Palestine President of the Executive Committee of the Palestine Liberation Organization
Pursuant to the Basic Law of the Palestine Liberation Organization, and the Amended Basic Law of 2003 AD and its amendments, and after reviewing Legislative Decree No. (39) of 2022 AD concerning the combating of money laundering and terrorism financing, and the Penal Procedure Law No. (3) of 2001 AD and its amendments, and the Penal Code No. (16) of 1960 AD applicable in the northern governorates and its amendments, and the Penal Code No. (74) of 1936 AD applicable in the southern governorates and its amendments, and Legislative Decree No. (10) of 2018 AD concerning cybercrimes and its amendments, and Legislative Decree No. (9) of 2010 AD concerning banks and its amendments, and Legislative Decree No. (42) of 2021 AD concerning companies, and the Securities Law No. (12) of 2004 AD, and the Law Regulating the Accounting Auditing Profession No. (9) of 2004 AD and its amendments, and the Law Regulating the Practice of Law No. (3) of 1999 AD and its amendments, and the Customs and Excise Law No. (1) of 1962 AD and its amendments, and Law No. (1) of 2000 AD concerning charitable associations and civil society organizations and its amendments, and the Anti-Corruption Law No. (1) of 2005 AD and its amendments, and Legislative Decree No. (18) of 2015 AD concerning the combating of narcotics and psychotropic substances, and based on the powers delegated to us, and in pursuit of the public interest,
we have issued the following Decision:
Article (1) For the purposes of this amendment, reference shall be made to Legislative Decree No. (39) of 2022 AD concerning the combating of money laundering and terrorism financing as the original law.
Article (2) Paragraph (1) of Article (47) of the original law is hereby amended to read as follows:
- Without prejudice to the provisions of this Legislative Decree and the rights of bona fide third parties, and upon request by the Public Prosecutor, the Court of First Instance or the competent court hearing the case, or the competent court to which the case is referred, without prior notice, shall decide to lift the provisional seizure, and the provisional seizure decision shall be subject to appeal.
Article (3) All provisions conflicting with the provisions of this Legislative Decree are hereby repealed.
Article (4) All competent authorities shall, each within their respective jurisdiction, implement the provisions of this Legislative Decree. It shall take effect from the date of its issuance and be published in the Official Gazette.
Issued in Ramallah on: 10 / 9 / 2022 AD.