Regulatory Alerts2022-01-01
Law No. 39 of 2022 on Combating Money Laundering and Financing of Terrorism
The President of the State of Palestine issued Law No. 39 of 2022 to establish a comprehensive legal framework for combating money laundering and the financing of terrorism in Palestine. The legislation defines key terms, criminalizes money laundering and terrorist financing, and imposes strict transparency and due diligence obligations on financial institutions, designated non-financial businesses, and non-profit organizations. It mandates risk-based approaches, beneficial ownership transparency, and the prohibition of shell banks to align with international standards.
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