Palestine’s AML/CTF supervisors
The Anti-Money Laundering Law of 2007's Article (19) provided the framework for the creation of the Financial Follow-Up Unit (FFU), an independent organisation based at the Palestine Monetary Authority (PMA). Its objectives are to stop money laundering, protect the national economy from its damaging impacts, strengthen anti-money laundering policies and mechanisms in Palestine, and encourage collaboration with all regionally capable agencies. The National Committee on Anti-Money Laundering, which oversees the FFU, develops regulations with the intention of preventing money laundering and putting in place an efficient mechanism for doing so.
How do you comply with AML/CTF regulations in Palestine?
It is advised that the compliance demands in Palestine be reflected in a compliance programme that emphasises the following elements.
Getting information from organisations governed by Palestine's anti-money laundering law about transactions that might be part of money laundering operations
The gathering and evaluation of information
In accordance with the Palestine AML law’s provisions, the disclosure of information and the outcomes of information analysis on the proceeds of suspected AML offences
Getting data about financial transactions that are hidden from view from a range of official and unofficial sources
Evaluation of the information
Provide recurring training for compliance and anti-financial crime departments and units to maximise human performance and meet local and international AML/CTF implementation standards
The right authorities and judicial agencies are given information to aid in the planning of legal action and the prosecution of criminals
Disseminating information to judicial bodies to assist in process verification and criminal prosecution by revealing banking secrecy within the parameters of implementing AML regulations
Reporting suspicious transactions
The following is advised by Palestinian AML law for an effective process of reporting suspicious transactions.
Regulated entities should improve internal collaboration in the reporting of suspicious transactions based on existing and foreseeable national and international standards.
Dealers who undertake high value transactions as well as those who trade in precious metals and prehistoric stones are required to report suspicious transactions to the FFU when transactions have equal to or greater value than the amount set by the country’s AML Committee.
Real estate agents and brokers are required to notify the FFU of any dubious real estate sales or purchases they complete on behalf of their clients.
Financial institutions, non-financial businesses, and professions, as well as their managers, officials, and workers, are not subject to legal prosecution for carrying out a suspicious transaction that was voluntarily reported in compliance with local AML regulations.