Money Laundering Techniques Emerge in Occupied Palestinian Territory

Evolution of AML/CFT Procedures in Palestine since 2004

A recent study conducted by Murrar Firas, a Deputy Director at the Financial Follow-up Unit in Ramallah, sheds light on the evolution of anti-money laundering and combating the financing of terrorism (AML/CFT) procedures in Palestine since 2004. The research highlights the efforts made by Palestinian authorities to combat money laundering and terrorist financing crimes.

Establishing Legal Basis and Powers

According to the study, published in the Journal of Money Laundering Control, Palestine has established the necessary legal basis to tackle these crimes. The country’s Financial Intelligence Unit (FIU), also known as the Financial Follow-up Unit, has been granted all the required powers to carry out its duties effectively.

National Committee for Combating Money Laundering and Financing Terrorism

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. This committee has been instrumental in developing strategies to combat money laundering and terrorist financing.

Challenges and Political Factors

Despite these efforts, challenges still exist, mainly due to political factors that are expected to impact the country’s preparations for and conduct of its mutual evaluation process with the Middle East and North Africa Financial Action Task Force (MENAFATF).

Importance of Addressing the Palestinian Case

The study emphasizes the importance of addressing the Palestinian case, as it has not been subject to any previous mutual evaluation process by MENAFATF. The author notes that this is a significant area of research, given the unique circumstances in which Palestine operates.

Threats to National Security and Economic Stability

Experts warn that money laundering and terrorist financing remain significant threats to national security and economic stability in the occupied Palestinian territory. It is essential for authorities to continue strengthening their AML/CFT framework to prevent these crimes from undermining peace and stability in the region.

Recommendations

• Strengthening cooperation between policymakers, financial institutions, and law enforcement agencies to combat money laundering and terrorist financing
• Sharing information to identify and disrupt illegal activities
• Continuously monitoring and updating the AML/CFT framework to stay ahead of emerging threats

The study’s findings are expected to inform policymakers, financial institutions, and law enforcement agencies on the need to strengthen cooperation and share information to combat money laundering and terrorist financing in Palestine.