Occupied Palestinian Territory Struggles to Enforce Anti-Terrorism Financing Regulations Amid Political Turmoil

Ramallah - In a bid to combat money laundering and terrorist financing in the occupied Palestinian territory, authorities have made significant strides since 2004. According to a recent study by Murrar Firas, Deputy Director of the Financial Follow-up Unit, the country has established the necessary legal framework to tackle these crimes.

Establishment of Legal Framework

The study highlights the establishment of:

• The Financial Follow-up Unit, granted all the required powers of Financial Intelligence Units
• The National Committee for Combating Money Laundering and Financing Terrorism, which issues policies and plans to respond to the outcomes of the National Risk Assessment process

Challenges Persist

Despite these efforts, challenges persist primarily due to political factors that may hinder Palestine’s preparation for and conduct of its mutual evaluation process by the Middle East and North Africa (MENAFATF).

The Role of the Financial Follow-up Unit

• The Financial Follow-up Unit has played a crucial role in enhancing the AML/ CFT regime, with its powers allowing it to gather and analyze financial intelligence
• The National Committee for Combating Money Laundering and Financing Terrorism has also been instrumental in issuing policies and plans to address the findings of the National Risk Assessment process

Conclusion

The findings of this study are particularly significant given the lack of previous research on Palestine’s AML/ CFT efforts, making it a valuable contribution to researchers and those interested in this field.

Significance

• The study emphasizes the importance of addressing these challenges to strengthen the AML/ CFT regime in the occupied Palestinian territory
• The findings provide valuable insights for policymakers, regulators, and practitioners working to combat money laundering and terrorist financing in Palestine and beyond.