Signature of Memorandum of Understanding between Financial Follow-Up Unit and Palestinian Anti-Corruption Commission for Combating Money Laundering

Dr. Jihad Al Wazir, Chairman of the National Committee to Combat Money Laundering and Governor of the Palestine Monetary Authority, and Mr. Rafiq Al Natsheh, Chairman of the Palestinian Anti-Corruption Commission (PACC), signed a memorandum of understanding to enhance cooperation between the two parties, promote the principles of transparency and governance and help protect the Palestinian society from the dangers of the crimes of corruption and money laundering.

The MoU establishes the foundations for mutual cooperation and the institutionalization of bilateral relations focusing on promoting the rule of law. The MoU also states that the Financial Follow-Up Unit (FFU) will forward all reports pertaining to corruption as a predicate offence to the Assistant Attorney General acting for the PACC, which will help support the efforts to track or prosecute persons suspected of involvement in the crime of money laundering.

The MoU is one in a series of memoranda signed between the FFU and a number of national institutions in the past few months to enhance local cooperation in combating the crime of money laundering and to establish a national anti-money laundering system in which the roles of relevant parties integrate to fight this crime and mitigate its dangers.