Regulatory Alerts2022-01-01
Law Decree No. 39 of 2022 Concerning the Prevention of Money Laundering and the Financing of Terrorism
Issued by the President of the State of Palestine, Law Decree No. 39 of 2022 establishes a comprehensive legal framework to combat money laundering and terrorism financing by defining key terms, criminalizing related offenses, and mandating strict compliance obligations. The decree requires financial institutions, specified non-financial businesses and professions, and non-profit organizations to implement risk-based approaches, conduct thorough customer due diligence, and maintain transparent beneficial ownership records while prohibiting shell banks, bearer shares, and nominee directors. It further empowers the Palestinian Monetary Authority and the National Committee to supervise enforcement, align domestic regulations with international UN conventions, and ensure coordinated reporting and asset freezing mechanisms.