Regulatory Alerts2020-01-01
Decision No. 2 of 2020 on High-Risk and Enhanced Monitoring Countries
The Financial Follow-Up Unit of the State of Palestine, circulated by the Palestine Monetary Authority, issues Decision No. 2 of 2020 to formally adopt and enforce the Financial Action Task Force (FATF) lists of high-risk and enhanced monitoring jurisdictions. The decision mandates all Palestinian banks and designated non-financial businesses and professions to apply countermeasures against North Korea and Iran, while removing Iceland and Mongolia from the enhanced monitoring list due to improved compliance. Financial institutions must immediately implement these updated jurisdictional classifications and corresponding regulatory measures effective upon circular issuance.
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