Circular No. 209/2022: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law

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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (209/2022)
To all banks operating in Palestine
Date: Thursday, 15 September 2022

Subject: Amendment to the Anti-Money Laundering and Counter-Terrorist Financing Law

A copy of the amendment to the provisions of paragraph (1) of Article (47) of Decree-Law No. (39) of 2022 concerning the combating of money laundering and terrorist financing is attached herewith. Accordingly, the necessary measures are requested to comply with the provisions and requirements of the aforementioned Decree-Law and its amendments.

Supervision Group
Palestine Monetary Authority

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Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Phone: +970 8 2825713 | Fax: +970 8 2844487 www.pma.ps

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Decree-Law No. ( ) of 2022
Amending Decree-Law No. (39) of 2022 concerning the combating of money laundering and terrorist financing

President of the State of Palestine
President of the Executive Committee of the Palestine Liberation Organization Pursuant to the Basic Law of the Palestine Liberation Organization, and the Amended Basic Law of 2003 and its amendments, and after reviewing Decree-Law No. (39) of 2022 concerning the combating of money laundering and terrorist financing, and the Criminal Procedure Law No. (3) of 2001 and its amendments, and the Penal Code No. (16) of 1960, applicable in the northern governorates, and its amendments, and the Penal Code No. (74) of 1936, applicable in the southern governorates, and its amendments, and Decree-Law No. (10) of 2018 concerning cybercrimes and its amendments, and Decree-Law No. (9) of 2010 concerning banks and its amendments, and Decree-Law No. (42) of 2021 concerning companies, and the Securities Law No. (12) of 2004, and the Law Regulating the Accounting Profession No. (9) of 2004 and its amendments, and the Law Regulating the Legal Profession No. (3) of 1999 and its amendments, and the Customs and Duties Law No. (1) of 1962 and its amendments, and Law No. (1) of 2000 concerning charitable associations and civil society organizations and its amendments, and the Anti-Corruption Law No. (1) of 2005 and its amendments, and Decree-Law No. (18) of 2015 concerning the combating of narcotics and psychotropic substances, and based on the powers delegated to us, and in pursuit of the public interest,

We hereby issue the following Decree-Law:

Article (1)
Reference shall be made to Decree-Law No. (39) of 2022 concerning the combating of money laundering and terrorist financing, as the original law, for the purposes of this amendment.

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Article (2)
Paragraph (1) of Article (47) of the original law is hereby amended to read as follows:

1. Without prejudice to the provisions of this Decree-Law and the rights of bona fide third parties, and upon request by the Public Prosecutor, the Court of First Instance, the court competent to hear the case, or the competent court hearing the case in the event of referral, without prior notice, shall have the authority to decide on the lifting of the provisional seizure, and the provisional seizure decision shall be subject to appeal.

Article (3)
Any provision conflicting with the provisions of this Decree-Law is hereby repealed.

Article (4)
All competent authorities shall, each within their respective jurisdiction, implement the provisions of this Decree-Law. It shall take effect from the date of its issuance and be published in the Official Gazette.

Issued in Ramallah on: 15/9/2022.

Mahmoud Abbas
President of the State of Palestine
President of the Executive Committee of the Palestine Liberation Organization