Regulatory Alerts2019-01-01
Decision No. 1 of 2019 on High-Risk Jurisdictions and Jurisdictions Under Increased Monitoring
The Financial Follow-Up Unit of the State of Palestine, via Decision No. 1 of 2019 and Circular No. 52 of 2019, mandates all Palestinian financial institutions to enforce enhanced due diligence and transaction prohibitions against jurisdictions identified by the FATF as high-risk or under increased monitoring. The decision explicitly prohibits all financial dealings with North Korea, requires enhanced due diligence for Iran, and imposes ongoing due diligence and source-of-funds verification for The Bahamas, while listing Botswana, Ghana, Serbia, Pakistan, Syria, Sri Lanka, Ethiopia, Yemen, Tunisia, Trinidad and Tobago, and Cambodia under increased monitoring. Financial institutions are legally obligated to implement these measures immediately, updating previous directives from October 2018 and aligning domestic compliance with FATF Recommendation 19 and Palestinian Anti-Money Laundering Law No. 20 of 2015.