Regulatory Alerts2024-01-01
Decision No. (3) of 2024 - High-Risk and Increased Monitoring Jurisdictions
The Palestine Monetary Authority and the Financial Follow-Up Unit of the State of Palestine issued Decision No. 3 of 2024 and Circular No. 28/2024 to enforce updated FATF lists of high-risk and enhanced monitoring jurisdictions. Financial institutions and specified non-financial businesses must apply targeted sanctions, enhanced due diligence, and strict countermeasures toward North Korea and Myanmar, while refraining from correspondent relationships or subsidiary establishments in those jurisdictions. The decision also updates the grey list by adding Lebanon, Algeria, Angola, and Côte d'Ivoire while removing Senegal, requiring all regulated entities to integrate identified AML/CFT deficiencies into their risk self-assessments and action plan monitoring.