Financial Follow-Up Unit

State of Palestine

Financial Follow-Up Unit

State of Palestine

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Decision No. (2/2017)

Issued by the Financial Follow-Up Unit
Dated 11/July/2017

Regarding High-Risk and Non-Compliant Countries with AML/CFT Standards

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),

Based on the decision of the National Committee for Combating Money Laundering and Terrorist Financing No. (8/J/2016) issued on 01/12/2016, regarding the delegation to the Financial Follow-Up Unit to publish the list of high-risk countries issued periodically by the Financial Action Task Force (FATF),

And in light of public interest requirements, it has been decided as follows:

First

The following countries are considered high-risk due to their non-compliance or partial compliance with AML/CFT standards:

(a) Democratic People's Republic of Korea/North Korea (prohibited from dealing with).

(b) Iran, Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Republic of Vanuatu, Yemen (dealing with these countries is subject to specific measures).

Second

All financial institutions operating in Palestine shall adopt the measures specified in the table attached to this Decision when dealing with the countries mentioned in the First section of this Decision.

Third

All competent authorities shall implement the provisions of this Decision from the date of its issuance.

A. Wael Lafi
Director of the Financial Follow-Up Unit

• Appendix: Measures to be Taken When Dealing with High-Risk Countries.

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State of Palestine – Al Bireh P.O.Box 3981
Tel.: 0097022984089, 0097022967401 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps

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Appendix to Decision No. (2017/2) Issued by the Financial Follow-Up Unit on 11/07/2017

Country Name	Measures to be Taken
Democratic People's Republic of Korea (North Korea)	Continue to take counteractive and effective measures to prohibit dealing with all financial institutions and companies operating and licensed in North Korea and those representing or acting on their behalf, including prohibiting the execution of financial transactions to or from North Korea for natural or legal persons, and severing all correspondent banking relationships with financial institutions operating and licensed there, in accordance with relevant UN Security Council resolutions, to safeguard the integrity of Palestine's financial system from any risks arising from business relations and transactions with North Korea, including money laundering, terrorist financing, and proliferation financing risks affecting the international financial system.
Iran	Continue to take enhanced due diligence measures regarding business relations with the State of Iran, including financial transactions executed from or to it for natural or legal persons, and consider correspondent banking relationships with financial institutions operating and licensed in Iran, in compliance with Law Decree No. (20) of 2015 on Combating Money Laundering and Terrorist Financing and its amendments, related instructions, and FATF Recommendation No. 19.
Bosnia and Herzegovina	Continue to take enhanced due diligence measures regarding business relations with that country, including financial transactions executed from or to it for natural or legal persons, and consider correspondent banking relationships with financial institutions operating and licensed there, in compliance with Law Decree No. (20) of 2015 on Combating Money Laundering and Terrorist Financing and its amendments and related instructions.
Ethiopia
Iraq
Syria
Uganda
Republic of Vanuatu
Yemen

• This table constitutes an update to the table attached to Decision No. (2017/1) regarding High-Risk and Non-Compliant Countries with AML/CFT Standards, issued by the Financial Follow-Up Unit on 15/03/2017.

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State of Palestine – Al Bireh P.O.Box 3981
Tel.: 0097022984089, 0097022967401 Fax: 0097022967426 E-mail: info@ffu.ps www.ffu.ps

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7/11/2017

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This map is for illustrative purposes and is without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or areas.

On the basis of the results of the review by the International Co-operation Review Group (ICRG), the FATF identifies jurisdictions with strategic AML/CFT deficiencies in the following public documents that are issued three times a year: FATF Public Statement (call for action) and Improving Global AML/CFT Compliance: On-going Process (other monitored jurisdictions).

High-risk and non-cooperative jurisdictions:

	Call for action	Other monitored jurisdictions
Bosnia and Herzegovina		•
Democratic People’s Republic of Korea (DPRK)	•	•
Ethiopia		•
Iran	•	•
Iraq		•
Syria		•
Uganda		•
Vanuatu		•
Yemen		•

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