Regulatory Alerts2022-01-01
Decision-Law No. (39) of 2022 Concerning the Combating of Money Laundering and Terrorist Financing
Issued by the President of the State of Palestine, Decision-Law No. (39) of 2022 establishes a comprehensive legal framework to combat money laundering and terrorist financing by defining key terms, designating financial institutions and specified non-financial businesses as obligated entities, and criminalizing laundering and terrorist financing activities. The law mandates a risk-based approach, requiring all covered entities to implement strict customer due diligence, maintain accurate beneficial ownership records, and prohibit shell banks, bearer shares, and nominee directors. It further empowers the Palestinian Monetary Authority and the newly established National Committee and Financial Intelligence Unit to supervise compliance, enforce transparency, and coordinate with international security council resolutions.