Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (122/2019)

To all banks operating in Palestine
Date: Thursday, May 09, 2019

Subject: Caution and Care Regarding Suspected Counterfeit or Forged Currencies

In its commitment to curbing the phenomenon of currency counterfeiting and mitigating the risks of money laundering and terrorist financing crimes, the Palestine Monetary Authority emphasizes to banks the necessity of exercising utmost caution and care when handling cash deposits and currency exchange in Euros, due to suspicions of attempts to pass suspected counterfeit or forged currencies through bank branch counters and/or automated teller machines (ATMs), and includes full compliance with the following:

1. Requirements of Instructions No. (12/2012) regarding forged/counterfeit currency, including notifying official authorities, specifically the Public Prosecution, in accordance with Article No. (244) of the Penal Code, and notifying the Palestine Monetary Authority of the incident and proof of notification to official authorities.

2. Submitting a suspicion report to the Financial Monitoring Board for the Crime of Counterfeiting and Forgery of Currencies, in accordance with the provisions of Legislative Decree No. (20) of 2015 and its amendments regarding the prevention of money laundering and terrorist financing.

3. Periodic inspection of currency counting and checking machines, and strengthening measures taken to mitigate the risks of counterfeit and forged currency circulation, including meeting the specifications of counting and checking machines in accordance with the requirements of Circular No. (169/2013).

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Supervision and Inspection Department
Palestine Monetary Authority

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Note:
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
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Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps