Regulatory Alerts2017-01-01
Decision No. (2) of 2017 on High-Risk and Non-Compliant Countries
The Financial Follow-Up Unit of the State of Palestine issued Decision No. (2) of 2017 to designate North Korea, Iran, Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu, and Yemen as high-risk jurisdictions due to non-compliance or partial compliance with AML/CFT standards. The directive mandates all Palestinian financial institutions to apply specific counteractive measures against North Korea and enhanced due diligence procedures for Iran and Bosnia and Herzegovina, while requiring all competent authorities to enforce these measures immediately upon issuance. This decision updates previous regulatory lists and aligns national financial oversight with FATF recommendations and UN Security Council resolutions to mitigate money laundering, terrorist financing, and proliferation risks.