Regulatory Alerts2022-01-01
Circular No. 222/2022: Payment - Sanctions and Freezing Lists
The Palestine Monetary Authority issued Circular No. 222/2022 to mandate all payment service companies operating in Palestine to immediately register and subscribe to the Security Council Resolutions Implementation Committee's website. The directive requires the prompt implementation of UN Security Council resolutions regarding North Korea (Resolution 1718) and Iran (Resolution 2231), alongside the continuous electronic updating and documentation of local and international sanctions lists. Non-compliance will result in the strictest penalties enforced by the Authority's supervision group.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (222/2022) To all payment service companies operating in Palestine Date: Thursday, September 22, 2022
Subject: Sanctions and Freezing Lists
Pursuant to the provisions of Presidential Decree No. (14) of 2022 regarding the implementation of Security Council resolutions, and in reference to our Circular No. (173/2022) concerning Instruction No. (1) of 2022 issued by the Security Council Resolutions Implementation Committee, as well as registration and subscription to the Committee's website, the Authority reiterates the necessity to adhere to and comply with the following:
- Take the necessary measures to ensure registration and subscription to the website of the Security Council Resolutions Implementation Committee, as indicated below.
- Immediately implement the resolutions published via the Committee's website link indicated below; including Resolution No. (1718) of 2006 concerning the Democratic People's Republic of Korea, and Resolution No. (2231) of 2015 concerning the Iranian nuclear file.
- Work on updating the sanctions and freezing lists from their sources immediately, electronically, and without delay, with the results of such updates to be documented.
Please be advised that the Authority will not tolerate and will impose the strictest penalties on violators.
Supervision Group Palestine Monetary Authority
Website Registration Link: http://sanction.pgp.ps/ar/subscribe Local and International Sanctions Lists Link: http://sanction.pgp.ps/ar/SanctionFiles_arb