Regulatory Alerts2025-01-01
Circular No. 2/2025: High-Risk Countries and Countries Under Enhanced Follow-Up
The Palestine Monetary Authority issued Circular No. 2/2025 on February 27, 2025, requiring all financial institutions and designated non-financial businesses and professions in Palestine to implement the Financial Follow-Up Unit's Decision No. 1/2025 regarding high-risk and enhanced follow-up countries. The directive mandates enhanced due diligence and specific counter-measures for transactions involving North Korea, Iran, and Myanmar, while updating the grey list to include Laos and Nepal and remove the Philippines. Institutions are required to integrate FATF mutual evaluation findings into their self-assessments and adhere to strict reporting and operational prohibitions for the listed jurisdictions.
Share