Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (123/2019)

To All Currency Exchangers Operating in Palestine

Date: Thursday, May 09, 2019

Subject: Caution and Vigilance Regarding Suspected Counterfeit or Forged Currencies

In its commitment to curbing the phenomenon of currency counterfeiting and mitigating the risks of money laundering and terrorist financing crimes, the Palestine Monetary Authority emphasizes to all currency exchangers the necessity of exercising caution and vigilance when handling currency exchange operations and issuing financial remittances in Euros, due to suspicions of attempts to pass suspected counterfeit or forged currencies through exchange counters and safes, and in full compliance with the following:

1. Requirements of Instructions No. (2012/04) regarding counterfeit/forged currency, including reporting to official authorities, the Public Prosecution, in accordance with Article No. (244) of the Penal Code, and notifying the Palestine Monetary Authority of the incident and proof of reporting to official authorities.

2. Submitting a suspicion report to the Financial Monitoring Unit for Counterfeiting and Forgery Crimes in accordance with the provisions of Legislative Decree No. (20) of 2015 and its amendments regarding the prevention of money laundering and terrorist financing.

3. Regular inspection of currency counting and verification machines and strengthening measures taken to mitigate the risks of counterfeit and forged currency circulation, including providing verification machines that meet the following specifications:

   a. Ability to count all denominations of the same currency. b. Ability to identify security features and characteristics for each currency in circulation in Palestine.
   c. Detection of counterfeit and damaged notes.
   d. Capability to verify security currencies using infrared, ultraviolet, watermarks, and magnetic detection.

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Supervision and Inspection Department
Palestine Monetary Authority

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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