Regulatory Alerts2022-01-01
Palestine Law No. 39 of 2022 on Combating Money Laundering and Terrorist Financing
The President of the State of Palestine issued Law No. 39 of 2022 to establish a comprehensive legal framework for combating money laundering and terrorist financing in Palestine. The legislation defines key terms, designates financial institutions and specific non-financial businesses as obligated entities, and mandates strict customer due diligence, risk-based approaches, and transparency regarding beneficial ownership. It criminalizes money laundering and terrorist financing, prohibits shell banks, and aligns national regulations with international conventions and UN Security Council resolutions.
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