Regulatory Alerts2024-01-01
Decision No. (3) of 2024: High-Risk and Enhanced Monitoring Jurisdictions
The Palestine Monetary Authority issued Decision No. (3) of 2024 to enforce FATF high-risk and enhanced monitoring jurisdiction lists, requiring financial institutions to apply risk-based due diligence and targeted sanctions. The decision designates North Korea and Iran as high-risk jurisdictions subject to strict countermeasures and updates the enhanced monitoring list by adding Lebanon, Algeria, Angola, and Côte d'Ivoire while removing Senegal. Institutions must integrate these jurisdictional risks into their self-assessments and adhere to specific action plans to address strategic deficiencies in anti-money laundering and counter-terrorist financing regimes.
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