Regulatory Alerts2019-01-01
Circular No. 123/2019: Caution and Vigilance Regarding Suspected Counterfeit or Forged Currencies
The Palestine Monetary Authority issued Circular No. 123/2019 requiring all licensed exchangers in Palestine to exercise heightened vigilance when processing Euro currency exchanges and remittances due to suspected counterfeit circulation. The directive mandates strict compliance with Instruction No. (2012/04), including immediate reporting of suspected forged notes to the Public Prosecution under Penal Code Article 244 and notifying the regulator. Additionally, exchangers must file suspicious transaction reports with the Financial Monitoring Unit per Law Decree No. (20) of 2015 and upgrade their currency verification machines to meet specific infrared, ultraviolet, hydrological, and magnetic detection standards.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (123/2019)
To all exchangers operating in Palestine
Date: Thursday, May 09, 2019
Subject: Mitigating the Risks of Suspected Counterfeit or Forged Currency Transactions
With the aim of curbing the phenomenon of currency counterfeiting and mitigating the risks of money laundering and terrorist financing crimes, the Palestine Monetary Authority emphasizes to all exchangers the necessity of exercising utmost caution and vigilance when handling currency exchange operations and issuing financial remittances in Euros, due to suspicions of attempts to pass through suspected counterfeit or forged currencies via exchanger counters and safes, and in full compliance with the following:
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Compliance with Instruction No. (2012/04) regarding forged/counterfeit cash, which includes reporting to 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 along with proof of reporting to the official authorities.
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Submitting a suspicious transaction report to the Financial Monitoring Unit for Counterfeiting and Forgery Crimes, in accordance with the provisions of Law Decree No. (20) of 2015 and its amendments regarding the prevention of money laundering and terrorist financing.
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Conducting periodic inspections of currency counting and checking machines and strengthening measures taken to mitigate the risks of counterfeit and forged currency circulation, which includes providing checking machines that meet the following specifications:
a. Capability to count all denominations of a single currency.
b. Capability to identify security features and standards for each currency circulating in Palestine.
c. Detection of forged and damaged banknotes.
d. Ability to inspect security currencies using infrared, ultraviolet, hydrological, and magnetic analysis.
Supervision and Inspection Department
Palestine Monetary Authority
Note:
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps