Regulatory Alerts2024-10-30
Added · Updated
Palestine Monetary Authority Circular No. 22 of 2024 on High-Risk and Enhanced Monitoring Countries
The Palestine Monetary Authority’s Financial Follow-Up Unit issued Decision No. 2024/3 and Circular No. 22/2024 to update the official lists of high-risk (black list) and enhanced monitoring (grey list) countries in alignment with FATF standards. The directive mandates financial institutions and designated non-financial businesses to apply risk-based due diligence, enhanced monitoring, targeted financial sanctions, and strict reporting protocols for transactions involving these jurisdictions. It further requires continuous implementation of national action plans to address identified AML/CFT deficiencies, ensuring uninterrupted humanitarian flows while mitigating money laundering and terrorist financing risks.