Regulatory Alerts2017-01-01
Circular No. 19: Money Laundering and Terrorist Financing Risks
The Palestine Monetary Authority issued Circular No. 19 to mandate strict compliance with anti-money laundering and counter-terrorist financing regulations for all banks operating in Palestine. The directive requires financial institutions to fully adhere to Decree-Law No. 20 of 2015, Presidential Decree No. 14 of 2015, and all subsequent directives issued by the National Committee for Combating Money Laundering and Terrorist Financing. Furthermore, banks must enforce international Financial Action Task Force standards, United Nations Security Council sanctions lists, and applicable local blocking lists when processing domestic and cross-border financial transactions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. 19 (2017/19)
To all banks operating in Palestine
Date: Wednesday, January 25, 2017
Subject: Money Laundering and Terrorist Financing Risks
In order to ensure the safety and stability of the banking sector in Palestine and shield it from any risks related to the crime of money laundering and terrorist financing, we emphasize the necessity of continuing full compliance with the provisions of Decree-Law No. (20) of 2015 on combating money laundering and terrorist financing and its amendments, and Presidential Decree No. (14) of 2015 on implementing Security Council resolutions, as well as compliance with the directives issued by the National Committee for Combating Money Laundering and Terrorist Financing, and any other directives issued under prevailing laws.
We also emphasize the necessity of adhering to the international standards of the Financial Action Task Force (FATF), the renewal and blocking lists issued by the United Nations Security Council, and considering local blocking lists issued by countries when conducting and executing financial transactions with banks operating in those countries.
Governor
Azzam Al-Shawa
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Fax: +970 2 2409922 | Tel: +970 2 2415250 | P.O. Box 452 - Palestine - Ramallah
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026 - Gaza - Palestine
Email: info@pma.ps | info@pma.ps: Email