Financial Crime World

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FATF Recommendations in Palestinian Territory, Occupied

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In a significant development, Palestine has made significant strides in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) procedures, despite facing numerous challenges.

Background

In 2004, the Financial Action Task Force (FATF) issued standards to combat money laundering and terrorist financing. Since then, Palestine has made significant efforts to implement these standards. The country’s AML/CFT procedures have not been subject to any previous mutual evaluation process by the MENAFATF.

Methodology

The study is qualitative in nature and involves studying the most important improvements made by Palestinian authorities in the state’s legislative and institutional frameworks to enhance the AML/CFT regime.

Findings

  • Palestine has established the necessary legal basis to combat money laundering and terrorist financing crimes.
  • At the institutional level, the Financial Follow- up Unit was granted all the required powers of Financial Intelligence Units.
  • The National Committee for Combating Money Laundering and Financing Terrorism has also played a vital role in issuing policies and plans to respond to the outcomes of the National Risk Assessment process.

Conclusion

In conclusion, while Palestine still faces several challenges in implementing AML/CFT procedures, the country’s efforts are crucial in addressing the complex situation on the ground. The study highlights the importance of enhancing the AML/CFT regime in Palestine and provides valuable insights for policymakers and practitioners working in this field.

  • “Measures to combat money laundering and terrorist financing in Palestine” (Journal of Money Laundering Control, 2022)
  • “The role of financial intelligence units in combating money laundering and terrorist financing” (Journal of Financial Crime, 2020)