Mr. Shawwa participates in the opening of the 2nd Annual Meeting of the Officials of Anti-Money Laundering and Combating Terrorism Financing Forum of Palestine in Istanbul, September 25 and 26

H.E. Mr. Azzam Al Shawa, PMA Governor and Chairman of the Anti-Money Laundering and Combating Terrorism Financing National Committee opened today in Istanbul, Turkey the “2nd Annual Meeting of the Officials of Anti-Money Laundering and Combating Terrorism Financing Forum of Palestine.” Mr.Wael Lafi, the Financial Follow-Up Unit Director; Dr. Iyad Al-Jayousi, the General Manager of the Palestinian Banking Institute; Mr. Ala’a Jabarah, the Executive Secretary of the Middle East and North Africa Financial Action Task Force (MENAFATF); Mr. Ra’ed Mustafa, the Palestinian Ambassador in Turkey, Mr. Buraq Nabulsi the Director General of the Palestinian Capital Market Authority; and a number of directors and experts and officials financial investigation from Arab countries attended the Meeting, was organized by the Palestinian Banking Institute.

H.E. Mr. Azzam Al Shawa, PMA Governor, said in his opening remarks of the Forum that Palestine had taken significant steps in anti-money laundering and combating terrorism financing since 2007 after the publication of the Anti-Money Laundering Law, which was amended at the end of 2015. The Law meets the requirements of the 40 Recommendations of the Financial Action Task Force (FATF) and reflects how serious Palestine is relative to combating the crimes of money laundering and terrorism financing, which constitute serious threats to our financial and banking system in an area of political instability, according to Mr. Shawwa. Palestine obtained full membership in the Middle East & North Africa Financial Action Task Force (MENAFATF) in 2015 and had effectively contributed to the Arab efforts to combat money laundering and terrorism financing through its experts by supporting the mutual assessment among countries including Palestine’s participation in assessing Morocco and Mauritania, said Mr. Shawwa.

The Anti-Money Laundering and Combating Terrorism Financing National Committee adopts the strategic training plan of the Financial Follow-Up Unit to promote awareness of the risks of the crimes of money laundering and terrorism financing. The Committee also approves the training plans of the Financial Follow-Up Unit that target the banking sector and other financial sectors. The Committee adopts the specialized Palestinian certificate program to combat money laundering and terrorism financing, which the Financial Follow-Up Unit has implemented in partnership with the Palestinian Banking Institute since 2011.The most significant outcomes of the program has been the graduation of more than 250 people specialized in combating money laundering and terrorism financing in the sectors of banks, currency exchange businesses, insurance, securities, law enforcement units, and public prosecution. The Committee also issues instructions in line with the Law to banks, money changers, high risk products, and people exposed to risks and precious metals traders, according to Mr. Shawwa. 

Mr. Ra’ed Mustafa, the Palestinian Ambassador in Turkey welcomed in his remarks the participants in the Forum and praised the good reputation of the Palestinian banking sector, its significant development, and the efforts of PMA to establish international safe relations for this vital sector. Dr. Iyad Al-Jayousi, the General Manager of the Palestinian Banking Institute, stated in his remarks that organizing the 2nd annual meeting of the Forum was to strengthen cooperation between the Palestinian Banking Institute and the Financial Follow-Up Unit in Palestine and reflected the inclusive training strategy that covers the sectors included in the Anti-Money Laundering and Combating Terrorism Financing Law. Dr. Iyad Al-Jayousi said it was important to keep pace with the training implemented by the Palestinian Banking Institute, especially the Palestinian Anti-Money Laundering Program, which focused on continuous efforts to deliver expertise and exchange knowledge among stakeholders and target groups as well as integrating theory with practice with respect to combating money laundering and terrorism financing that were dynamic and change their ways and tools.

Mr. Ala’a Jabarah, the Executive Secretary of the Middle East and North Africa Financial Action Task Force (MENAFATF), said MENAFATF promoted member countries’ commitment to international standards and recommendation, ensured the extent to which their methods were effective and in line with such standards and recommendations, and promoted awareness among member countries in relation to modern ways and trends of money laundering and terrorism financing in order to arrive to the best regional solutions to combat them. This is conducted through mutual assessment, provision of technical assistance to member countries, supporting member countries’ efforts to combat money laundering and terrorism financing and taking the necessary measure and arrangements to develop systems of combating money laundering and terrorism financing. MENAFATF also monitors the progress reports the member countries submit in order to enhance and promote member countries’ systems, according to Mr. Ala’a Jabarah. 

Mr. Ala’a Jabarah also stated that Palestine was clearly moving ahead with respect to combating money laundering and terrorism financing and their implications. Palestine has recently made advanced steps in combating these crimes and has taken important measures that put Palestine’s record of combating money laundering and terrorism financing ahead including obtaining full MENAFATF membership in April 2015, after applying for membership three times most recently in February 2015, according to Mr. Jabarah. Palestine is committed to the Memorandum of Understanding of MENAFATF and any future amendments, supports the objectives of MENAFATF, taking part in the mutual assessment of MENAFATF, provides experts to assess other countries, support MENAFATF activities, and contributing to financing MENAFATF budget, added Mr. Jabarah.