Regulatory Alerts2022-01-01
Law Decree No. 39 of 2022 on Combating Money Laundering and Financing of Terrorism
The President of the State of Palestine issued Law Decree No. 39 of 2022 to establish a comprehensive legal framework for combating money laundering and terrorist financing. The decree defines key terms, designates financial institutions and specified non-financial businesses and professions as obligated entities, and criminalizes money laundering and terrorist financing offenses. It mandates a risk-based approach, enforces strict customer due diligence, ensures transparency of beneficial ownership, and prohibits dealings with shell banks.
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