Regulatory Alerts2016-06-20
Added · Updated
Circular No. 110 Amending the Decision on Combating Money Laundering and Terrorist Financing
The Palestine Monetary Authority issued Circular No. 110/2016 to direct all Palestinian banks to comply with Decision-Law No. 20 of 2016, which amends the 2015 Anti-Money Laundering and Terrorist Financing legislation. The amendment expands the legal definitions of money laundering and terrorist financing, establishes a comprehensive list of 26 predicate offenses, and mandates strict currency and asset declaration thresholds at borders. It further empowers customs authorities to seize non-compliant assets, clarifies cross-border jurisdictional application, and requires all relevant entities to enforce the updated legal framework upon publication.