Financial Crime World

Money Laundering Definition in Palestinian Territory, Occupied: A Study on Evolution of Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Procedures

Introduction

The occupied Palestinian territory has made significant strides in combating money laundering and terrorist financing since 2004. In this study, we will explore the evolution of anti-money laundering and combating financing of terrorism (AML/CFT) procedures in Palestine, highlighting both advancements and ongoing challenges.

Evolution of AML/CFT Procedures

According to a recent study, Palestine has established a solid legal foundation for combating money laundering and terrorist financing crimes. The country’s institutional framework has also been strengthened, with the Financial Follow-up Unit granted the necessary powers of a Financial Intelligence Unit.

  • The National Committee for Combating Money Laundering and Financing Terrorism has played a crucial role in issuing policies and plans to respond to the outcomes of the National Risk Assessment process.
  • The study highlights the importance of Palestine’s AML/CFT efforts due to the specificity of the Palestinian situation. As a non-member state, Palestine’s AML/CFT procedures have not been subject to any previous mutual evaluation process by the MENAFATF.

Challenges and Ongoing Issues

Despite the advancements made, several challenges persist, primarily related to political factors that could impact the country’s preparation for and conduct of its mutual evaluation process.

  • The study concludes that while significant progress has been made in combating money laundering and terrorist financing in the occupied Palestinian territory, there is still much work to be done.
  • The country’s financial authorities must continue to strengthen their institutional framework and address ongoing challenges to ensure effective implementation of AML/CFT procedures.

Conclusion

In conclusion, this study highlights the importance of Palestine’s AML/CFT efforts and emphasizes that while significant progress has been made, there is still much work to be done. The country’s financial authorities must continue to strengthen their institutional framework and address ongoing challenges to ensure effective implementation of AML/CFT procedures.

Keywords

  • Terrorist financing
  • Institutional framework
  • Money laundering
  • Palestine
  • Legislative framework
  • Financial Follow-up Unit