Under the patronage of Dr. Jihad Al-Wazir, Chairman of the National Anti-Money Laundering Committee, and upholding the principle of local cooperation and coordination to combat money laundering; five memorandums of understanding were signed by the Financial Follow-up Unit (FFU).

Represented by its Director Mr. Riyad Aweidah; as well as Mr.Nidal Sadaqah, Director of the Ramallah Governorate department at the Ministry of National Economy; and Ms. Fida Abu Hmaid, Director General of the Department of Legal Affairs at the Ministry of Finance; in addition to Mr. Hassan Alawi, Deputy Minister of the Ministry of Interior; Ms. Abeer Odeh, PCMA General Manager; and Mr. Mohammad Taqatqah, Acting Director General of Financial Affairs at the Land Authority. The signing was a collaborative effort to combat money laundering, as well as a protective measure to guard the Palestinian society against the ramifications of this crime.

Additionally, the signing of these MOUs aims to promote cooperation between National Authorities and the FFU; as means to advocate adherence to international standards, and in preparation for the membership of the State of Palestine in international institutions.

In his opening speech at the signing ceremony; Dr. Jihad Al Wazir, Governor of the PMA and Chairman of the National Anti-Money Laundering Committee said: “The PMA has commenced the application of the Anti-Money Laundering Law through a series of self-issued regulatory instructions since the passage of the law in 2007; where it has been prepared in accordance with Model Law issued by the United Nations and other international standards.

Dr. Al Wazir emphasized the importance of exerting all efforts needed to protect the Palestinian society against the economic and social impacts of the crime of money laundering. He asserted the National Committee’s commitment to the Anti-Money Laundering international agreements and standards since they protect the banking system and its financial relationships with other world countries.

It is worth noting that under the provisions of the Anti-Money Laundering Law, the Anti-money Laundering National Committee has been established. It was vested with the necessary competencies to design an Anti-Money Laundering Policy at the national level. Furthermore, an independent unit has been established, and was given the name of “Financial Follow-Up Unit (FFU),” similar to units established in other countries. The FFU aims to combat money laundering and protect the national economy from the effects of this crime. It also aims to raise the level of community awareness, Anti-Money Laundering Procedures and Systems in Palestine, as well as to activate cooperation frameworks with all local authorities.