Regulatory Alerts2018-03-20
Added · Updated
Decision No. (1) of 2018 on High-Risk and/or Non-Compliant Countries Regarding AML/CFT Standards
The Financial Follow-Up Unit of the State of Palestine issued Decision No. 1 of 2018 to designate North Korea, Iran, Serbia, Ethiopia, Iraq, Sri Lanka, Syria, Trinidad and Tobago, Vanuatu, Yemen, and Tunisia as high-risk or partially compliant jurisdictions regarding AML/CFT standards. The directive mandates all Palestinian financial institutions to apply enhanced or ongoing due diligence measures tailored to each country, while imposing a complete prohibition on financial dealings with North Korea. This decision updates previous regulatory tables and aligns national compliance protocols with FATF recommendations and national anti-money laundering legislation.