Regulatory Alerts2022-01-01
Circular No. 171 of 2022 Regarding Instructions for Implementing UN Security Council Decisions - Banks
The Palestine Monetary Authority issued Circular No. 171 of 2022 to enforce Instructions No. 1 of 2022, which establish a dedicated electronic platform for the immediate publication and dissemination of UN Security Council sanctions lists and local designations. The instructions mandate that the Committee Secretariat update and distribute these lists within 16 hours of any changes, while requiring all financial institutions, specified non-financial businesses, and other entities to freeze designated assets within 8 hours of publication without prior notice. Additionally, the directives require immediate subscription to the Committee's portal and outline specific procedural guidelines for delisting requests and official gazette publications to ensure full compliance with UN counter-terrorism and non-proliferation mandates.