Regulatory Alerts2020-01-01
Circular No. 84 (2020) Exercise Caution in Emergency Situations
The Palestine Monetary Authority issued Circular No. 84 (2020) to all specialized lending institutions operating in Palestine, mandating strict caution to prevent the exploitation of emergency conditions for money laundering or terrorist financing. The directive requires institutions to maintain uninterrupted anti-money laundering and counter-terrorist financing compliance efforts in accordance with Legislative Decree No. 20 of 2015 and its implementing regulations. Financial monitoring units are copied to ensure oversight and full adherence to these emergency risk mitigation measures.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2020/84)
To all specialized lending institutions operating in Palestine
Date: Thursday, March 26, 2020
Subject: Exercise Caution in Emergency Situations
In order to maintain financial stability and mitigate the risks of money laundering and terrorist financing during emergency situations, the Palestine Monetary Authority emphasizes the necessity of taking the following measures:
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Exercise caution to ensure that current conditions are not exploited for money laundering or terrorist financing purposes.
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Ensure the continuity of efforts by staff working within the framework of combating money laundering and terrorist financing crimes to guarantee full compliance with the anti-money laundering and counter-terrorist financing requirements stipulated under Legislative Decree No. (20) of 2015 and its issued regulations.
Supervision Group
Palestine Monetary Authority
Copy to: The Honorable Financial Monitoring Unit
Note:
www.pma.ps
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
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Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
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