Anti-Money Laundering and Terrorist Financing

The risk management framework at the PCMA provides the overall intentions and directions of the PCMA regarding risk management. It also sets out the procedures and arrangements for implementing and continuously improving risk management in line with the risk management context, and the core elements of this framework include establishing the context and risk appetite, risk assessment (identification, analysis, and evaluation), risk treatment, information and communication, awareness, training, and risk monitoring, follow-up, and review.

Legislation:

The circulars issued by the PCMA aim to enhance the efficiency and capacity of companies to address the risks of money laundering and terrorism financing, and to adopt a risk-based approach in detecting suspicious transactions. Several circulars were issued during 2024, as outlined below:

• Circular on the guidance manual for the annual report of compliance officers on anti-money laundering and counter-terrorism financing.
• Circular on United Nations Security Council resolutions issued electronically by the Public Prosecution, totaling 4.
• Circular listing high-risk countries that are prohibited from dealings, published on the PCMA website.
• Circular on a United Nations Security Council resolution issued electronically by the Public Prosecution, totaling 1.
• Circular listing high-risk countries that are prohibited from dealings, published on the PCMA website.
• Circular on United Nations Security Council resolutions issued electronically by the Public Prosecution, totaling 2.
• Circular listing high-risk countries that are prohibited from dealings, published on the PCMA website.
• Circular on reliance on third parties — Securities.

Specialized Inspection Rounds and Preparation of Risk Registers:

• Since the beginning of 2024, the supervisory departments have prepared an operational plan for the inspection division for regular field visits, based on the updated risk register at the end of 2023. The aim is to verify the compliance of companies under the supervision and oversight of the Palestine Capital Market Authority with the law, instructions, circulars, and regulations related to anti-money laundering and counter-terrorism financing.
• The supervisory departments have completed implementing these plans since the beginning of the year, and cooperation with the Anti-Money Laundering and Counter-Terrorism Financing division will continue to conduct several inspection rounds during this year as needed.

Administrative Violations and Penalties:

None

• Participation in Conferences, Workshops, and Training programs:

• Completion of the Risk Management Diploma and obtaining the CERMP certificate.
• Meeting with the Financial Follow-up Unit to enhance market entry procedures.
• Workshop on “Awareness of Compliance with Financial Crimes,” organized by the Training and Capacity Building Institute at the Arab Monetary Fund, in cooperation with the Regional Arab Clearing and Settlement Institution.
• PCMA’s membership in the national team is responsible for assessing risks of money laundering, terrorism financing, and proliferation of arms, according to the Council of Ministers decision issued in its weekly session No. (19/14) held on 9/7/2024.
• Invitation to the remote program titled “Environmental and Social Management,” in cooperation with the Capital Market Authority of the Kingdom of Saudi Arabia.
• Participation in the national risk assessment of money laundering and terrorism financing.
• Participation in the workshop launching the results of the national risk assessment of money laundering and terrorism financing.

Local and International Cooperation

  Requests for Local Cooperation Received from the Competent Authorities:

• Responding to inquiries and requests received from the competent authorities and providing them with the necessary data falls within the legal authorities of the PCMA in this regard, and was as follows:

   

  • The PCMA responded to inquiries and requests received from the competent authorities as follows:

   

  • Responded to 4 requests received from the Office of the Public Prosecutor.
  • Responded to 1 request received from the Anti-Corruption Crimes Court.
  • Responded to 14 requests received from Execution Departments, Court rulings, and the Ministry of Interior.
  • Responded to 6 requests received from the Financial Follow-up Unit.
  • Responded to 2 requests received from the Financial Follow-up Unit.

   

  • The PCMA responded to inquiries and requests received from the competent authorities as follows:

   

  • Responded to 6 requests received from the Office of the Public Prosecutor.
  • Responded to 3 requests received from the Anti-Corruption Crimes Court.
  • Responded to 13 requests received from Execution Departments, Court rulings, and the Ministry of Interior.
  • Responded to 1 request received from the Financial Follow-up Unit.

   

  • The PCMA responded to inquiries and requests received from the competent authorities as follows:

   

  • Responded to 7 requests received from the Office of the Public Prosecutor.
  • Responded to 7 requests received from the Anti-Corruption Crimes Court.
  • Responded to 54 requests received from Execution Departments, Court rulings, and the Ministry of Interior.
  • Responded to 2 requests received from the Financial Follow-up Unit.

International Cooperation Requests Issued/Received:

None