Regulatory Alerts2024-01-01
Decision No. 2 of 2024 on High-Risk Countries and Countries Under Enhanced Monitoring Lists
The Financial Follow-Up Unit of the State of Palestine, via Palestine Monetary Authority Circular No. (2024/55), mandates all financial institutions and specified non-financial businesses to enforce enhanced due diligence, targeted sanctions, and operational restrictions for countries classified on the FATF black and grey lists. Decision No. (2024/2) updates the enhanced monitoring list by adding Monaco and Venezuela while removing Turkey and Jamaica, requiring institutions to proportionally apply risk-based approaches and integrate country-specific deficiencies into their AML/CFT self-assessments. Compliance is effective immediately upon circularization, with institutions directed to implement detailed countermeasures, maintain strict reporting protocols, and utilize official FATF mutual evaluation reports to address strategic regulatory gaps.