Financial Follow-Up Unit

State of Palestine

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Decision No. (2017/4)
Issued by the Financial Follow-Up Unit
Dated 12/December/2017

Regarding High-Risk and/or Non-Compliant Countries with AML/CFT Standards

Based on the provisions of Law Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, particularly paragraph (16) of Article (20),

and based on Decision No. (8/J/2016) of the National Committee for Combating Money Laundering and Financing of Terrorism dated 01/12/2016, regarding the delegation to the Financial Follow-Up Unit to publish the list of high-risk countries issued periodically by the Financial Action Task Force (FATF),

and in continuation of Decision No. (6/J/2016) of the National Committee for Combating Money Laundering and Financing of Terrorism dated 01/08/2017 regarding the prohibition of financial transactions with the Democratic People's Republic of Korea,

and based on public interest requirements, it is decided as follows:

First

The following countries are considered high-risk due to non-compliance or partial compliance with AML/CFT standards:

(a) Democratic People's Republic of Korea / North Korea (transactions with it are prohibited based on a decision by the National Committee for Combating Money Laundering and Financing of Terrorism).

(b) Iran, Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Sri Lanka, Trinidad and Tobago, Republic of Vanuatu, Yemen, Tunisia (transactions with these countries are subject to specific measures).

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Second

All financial institutions operating in Palestine shall adopt the measures specified in the table attached to this decision when dealing with the countries mentioned in item (First) of this decision.

Third

All competent authorities shall implement the provisions of this decision, which shall take effect from the date of its issuance.

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A. Wael Lavi
Director of the Financial Follow-Up Unit

• Appendix: Measures to be Taken When Dealing with High-Risk Countries.

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Attached to Decision No. (2017/4) issued by the Financial Follow-Up Unit dated 12/12/2017.

Country Name	Measures to be Taken
Democratic People's Republic of Korea (North Korea)	All financial institutions are prohibited from conducting financial transactions with North Korea.
Iran	Continue applying enhanced due diligence measures regarding business relationships with Iran, including financial transactions executed from or to it, whether for natural or legal persons, and consider correspondent banking relationships with financial institutions operating and licensed in Iran, in accordance with the provisions of Law Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and its amendments, instructions issued by the FATF, and FATF Recommendation No. (19).
Bosnia and Herzegovina	Given that this country has made a high-level political commitment to address strategic deficiencies, all financial institutions shall apply ongoing due diligence measures regarding business relationships with this country, including financial transactions executed from or to it, to mitigate money laundering indicators and identify fund sources, in accordance with Law Decree No. (20) of 2015 on Combating Money Laundering and Financing of Terrorism and the instructions issued thereunder.
Ethiopia
Iraq
Syria
Sri Lanka
Republic of Vanuatu
Yemen
Tunisia
Trinidad and Tobago

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• This table constitutes an update to the table attached to Decision No. (2017/2) on High-Risk and Non-Compliant Countries Regarding AML/CFT Standards, issued by the Financial Follow-Up Unit on 11/07/2017.

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State of Palestine – Al Birah P.O. Box 3981
Tel.: 0097022967401/2 Fax: 0097022967426
E-mail: info@ffu.ps www.ffu.ps

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Countries - Financial Action Task Force (FATF)

12/12/2017

High-risk and non-cooperative jurisdictions

Home Countries High-risk and non-cooperative jurisdictions

High-risk and non-cooperative jurisdictions:

Country	Call for action	Other monitored jurisdictions
Bosnia and Herzegovina		•
Democratic People's Republic of Korea (DPRK)	•
Ethiopia		•
Iran	•
Iraq		•
Sri Lanka		•
Syria		•
Trinidad and Tobago		•
Tunisia		•
Vanuatu		•
Yemen		•

This map is for illustrative purposes and is without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or areas.

On the basis of the results of the review by the International Co-operation Review Group (ICRG), the FATF identifies jurisdictions with strategic AML/CFT deficiencies in the following public documents that are issued three times a year: FATF Public Statement (call for action) and Improving Global AML/CFT Compliance: On-going Process (other monitored jurisdictions).

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