Regulatory Alerts2024-01-01
Decision No. 2 of 2024 on High-Risk and Enhanced Monitoring Countries
The Palestine Monetary Authority’s Financial Follow-Up Unit issued Decision No. 2 of 2024 to update the lists and compliance requirements for High-Risk (Black List) and Enhanced Monitoring (Grey List) countries in accordance with FATF standards. The decision mandates Palestinian financial institutions and designated non-financial businesses and professions to apply risk-based enhanced due diligence, targeted financial sanctions, and specific operational restrictions for North Korea, Iran, and Myanmar, while revising the Grey List by adding Monaco and Venezuela and removing Turkey and Jamaica. All regulated entities must integrate these country-specific AML/CFT deficiency assessments into their self-evaluations and implement the updated measures effective upon circulation.