Regulatory Alerts2017-01-01
Decision No. (4) of 2017 on High-Risk and Non-Compliant Countries Regarding AML/CFT Standards
The Financial Follow-Up Unit of the State of Palestine issued Decision No. (4) of 2017 to designate North Korea, Iran, Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Sri Lanka, Trinidad and Tobago, Vanuatu, Yemen, and Tunisia as high-risk or non-compliant jurisdictions regarding AML/CFT standards. The directive mandates all Palestinian financial institutions to implement specific enhanced due diligence measures or outright transaction prohibitions for these countries as detailed in the attached compliance table. Competent authorities are ordered to enforce these measures immediately upon issuance, updating previous regulatory guidance to align with FATF recommendations and national anti-money laundering legislation.
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