Regulatory Alerts2017-01-01
Circular No. (19) of 2017 Concerning Money Laundering and Terrorist Financing Risks
The Palestine Monetary Authority requires all Palestinian banks to fully comply with Law Decree No. (20) of 2015, Presidential Decree No. (14) of 2015, and National Committee directives to safeguard the banking sector from money laundering and terrorist financing risks. Financial institutions must strictly adhere to Financial Action Task Force standards and enforce all United Nations Security Council freezing and sanctions lists. Banks are also obligated to verify and respect local sanction lists of foreign jurisdictions when executing financial transactions with correspondent banks in those countries.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2017/19)
To all banks operating in Palestine
Date: Wednesday, January 25, 2017
Subject: Money Laundering and Terrorist Financing Risks
In order to ensure the safety and stability of the banking sector in Palestine and to shield it from any risks related to the crime of money laundering and terrorist financing, we emphasize the necessity of full compliance with the provisions of Law Decree No. (20) of 2015 on Combating Money Laundering and Terrorist Financing and its amendments, Presidential Decree No. (14) of 2015 on implementing Security Council resolutions, and compliance with the provisions of the instructions issued by the National Committee for Combating Money Laundering and Terrorist Financing, as well as any other instructions issued under prevailing laws.
We also emphasize the necessity of compliance with the international standards of the Financial Action Task Force (FATF), the freezing and sanction lists issued by the United Nations Security Council, and taking into account local sanction lists issued by countries when conducting and executing financial transactions with banks operating in those countries.
Governor
Azzam Al-Shawa
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | +970 2 2409922: Fax | +970 2 2415250: Tel | P.O. Box 452 - Ramallah - Palestine
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | +970 8 2844487: Fax | +970 8 2825292: Tel | P.O. Box 4026 - Gaza - Palestine
Email: info@pma.ps | info@pma.ps: Email