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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (243/2020)
To all banks operating in Palestine
Date: Thursday, December 17, 2020
Subject: High-Risk Countries and Countries Under Enhanced Monitoring
A copy of Decision No. (2/2020) issued by the Financial Follow-Up Unit on December 14, 2020, regarding High-Risk Countries and Countries Under Enhanced Monitoring in accordance with the list issued by the Financial Action Task Force (FATF), is attached herewith.
Accordingly, all banks operating in Palestine are requested to take the necessary legal measures to implement the requirements of the aforementioned decision and the relevant measures to be taken.
Supervision Group
Palestine Monetary Authority
Copy to: The Esteemed Members of the Financial Follow-Up Unit
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 282713
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Decision No. (2/2020)
Issued by the Financial Follow-Up Unit
Dated December 14, 2020
Regarding High-Risk Countries and Countries Under Enhanced Monitoring Lists
Pursuant to the provisions of Law-Decree No. (20) of 2015 on Combating Money Laundering and Terrorist Financing and its amendments,
particularly Paragraph (16) of Article (20),
and based on Decision No. (8/J/4/2016) of the National Committee for Combating Money Laundering and Terrorist Financing issued on December 1, 2016, regarding delegating the Financial Follow-Up Unit to publish the list of high-risk countries periodically issued by the Financial Action Task Force (FATF), and subsequently what was decided by the Group on February 21, 2020, and October 23, 2020,
and in reference to Decision No. (T/5/2020) of the National Committee for Combating Money Laundering and Terrorist Financing issued on February 24, 2020, regarding High-Risk Countries and Countries Under Enhanced Monitoring,
and subsequently to Decision No. (1/2020) of the Follow-Up Unit dated February 25, 2020, regarding High-Risk Countries and Countries Under Enhanced Monitoring Lists.
And based on public interest requirements, the following is decided:
First
High-Risk Countries List (Black List)
The continuation of applying countermeasures against High-Risk Countries listed under Item (Second) of Financial Follow-Up Unit Decision No. (1/2020), where the High-Risk Countries List comprises the following countries:
- Democratic People's Republic of Korea (North Korea).
- Islamic Republic of Iran (Iran).
1/2
State of Palestine – Al Bireh P.O.Box 3981
Tel: 0097022967401/2 | Fax: 0097022967426
E-mail: info@ffu.ps | www.ffu.ps
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Second
Countries Under Enhanced Monitoring List (Grey List)
The Countries Under Enhanced Monitoring List (Grey List) is amended by removing the Republic of Iceland and the Republic of Mongolia due to their actual improvement in anti-money laundering and counter-terrorist financing systems, and the continuation of applying the procedures stipulated in Item (First) of Financial Follow-Up Unit Decision No. (1/2020) to the countries in the Grey List, which are established as follows:
| No. | Country Name | No. | Country Name |
|---|---|---|---|
| 1 | Republic of Timor-Leste | 9 | Republic of the Union of Myanmar (Myanmar) |
| 2 | Commonwealth of the Bahamas (Bahamas) | 10 | Republic of Nicaragua |
| 3 | Brazil | 11 | Islamic Republic of Pakistan (Pakistan) |
| 4 | Republic of Botswana | 12 | Republic of Panama |
| 5 | Kingdom of Cambodia | 13 | Syrian Arab Republic (Syria) |
| 6 | Republic of Ghana | 14 | Republic of Uganda |
| 7 | Jamaica | 15 | Republic of Yemen (Yemen) |
| 8 | Republic of Mauritius | 16 | Zimbabwe |
Third
Implementation
All specified financial institutions, designated non-financial businesses and professions shall implement the provisions of this decision, and it shall take effect from the date of its circular issuance.
Director of the Financial Follow-Up Unit
A. Wael Lavi
2/2
State of Palestine – Al Bireh P.O.Box 3981
Tel: 0097022967401/2 | Fax: 0097022967426
E-mail: info@ffu.ps | www.ffu.ps