Regulatory Alerts2020-01-01
Decision No. (2) of 2020 - High-Risk and Enhanced Monitoring Jurisdictions
The Palestine Monetary Authority and the Financial Follow-Up Unit of the State of Palestine issued Decision No. (2020/2) to enforce updated FATF-aligned high-risk and enhanced monitoring jurisdiction lists. The decision mandates payment service companies, financial institutions, and designated non-financial businesses to implement countermeasures against North Korea and Iran, while removing Iceland and Mongolia from the enhanced monitoring list due to improved AML/CFT safeguards. All regulated entities must apply these updated measures effective immediately upon the decision's circulation.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2020/245)
To all payment service companies operating in Palestine Date: Thursday, December 17, 2020
Subject: High-Risk and Enhanced Monitoring Jurisdictions
Attached is a copy of Decision No. (2020/2) issued by the Financial Follow-Up Unit on December 14, 2020, regarding High-Risk and Enhanced Monitoring Jurisdictions in accordance with the list issued by the Financial Action Task Force (FATF).
Accordingly, all payment service companies operating in Palestine are requested to take the necessary legal measures to implement the requirements of the aforementioned decision and the corresponding measures.
Supervisory Group
Palestine Monetary Authority
Copy: The Honorable / Financial Follow-Up Unit
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 - Palestine - Ramallah and Al-Bireh Governorate
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026 - Palestine - Gaza
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Decision No. (2020/2)
Issued by the Financial Follow-Up Unit
Dated December 14, 2020
Regarding High-Risk and Enhanced Monitoring Jurisdictions Lists
Based on the provisions of Decision-Law No. (20) of 2015 on Combating Money Laundering and Terrorist Financing and its amendments, particularly Paragraph (16) of Article (20),
and based on Decision No. (8/J/4/2016) of the National Committee for Combating Money Laundering and Terrorist Financing issued on December 1, 2016, regarding empowering the Financial Follow-Up Unit to publish the list of high-risk countries periodically issued by the Financial Action Task Force (FATF), and subsequently the determinations made by the FATF on February 21, 2020, and October 23, 2020,
and further to Decision No. (T/5/2020) of the National Committee for Combating Money Laundering and Terrorist Financing issued on February 24, 2020, regarding High-Risk and Enhanced Monitoring Jurisdictions,
and subsequently to Financial Follow-Up Unit Decision No. (2020/1) dated February 25, 2020, regarding High-Risk and Enhanced Monitoring Jurisdictions Lists.
Based on public interest requirements, the following is decided:
First
High-Risk Countries List (Blacklist)
The continuation of countermeasures against High-Risk and Non-Cooperative Jurisdictions pursuant to Item (Second) of Financial Follow-Up Unit Decision No. (2020/1), where the High-Risk Countries List comprises the following countries:
- Democratic People's Republic of Korea (North Korea).
- Islamic Republic of Iran (Iran).
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State of Palestine – Al Bireh P.O. Box 3981
Tel: 0097022967401/2 Fax: 0097022967426
E-mail: info@ffu.ps www.ffu.ps
Financial Follow-Up Unit
State of Palestine
Financial Follow-Up Unit
State of Palestine
Second
Enhanced Monitoring Countries List (Greylist)
The Enhanced Monitoring Countries List (Greylist) is amended by removing the Republic of Iceland and the Republic of Mongolia due to their effective safeguarding of Anti-Money Laundering and Counter-Terrorist Financing systems, and the continuation of applying the procedures stipulated in Item (Fourth) of Financial Follow-Up Unit Decision No. (2020/1) to the countries on the Greylist, as required below:
| No. | Country Name | No. | Country Name |
|---|---|---|---|
| 1 | Republic of Albania | 9 | Union of Myanmar (Myanmar) |
| 2 | Commonwealth of The Bahamas (Bahamas) | 10 | Republic of Nicaragua |
| 3 | Barbados | 11 | Islamic Republic of Pakistan (Pakistan) |
| 4 | Republic of Botswana | 12 | Republic of Panama |
| 5 | Kingdom of Cambodia | 13 | Syrian Arab Republic (Syria) |
| 6 | Republic of Ghana | 14 | Republic of Uganda |
| 7 | Jamaica | 15 | Republic of Yemen (Yemen) |
| 8 | Republic of Mauritius | 16 | Zimbabwe |
Third
Implementation
All financial institutions and designated non-financial businesses and professions shall implement the provisions of this decision, which shall take effect from the date of its circulation.
Director of the Financial Follow-Up Unit
A. Wael Lavi
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State of Palestine – Al Bireh P.O. Box 3981
Tel: 0097022967401/2 Fax: 0097022967426
E-mail: info@ffu.ps www.ffu.ps