Regulatory Alerts2016-01-01
Circular No. 128/2016: Letter from the Prime Minister / Minister of Interior
The Palestine Monetary Authority, acting on a directive from the State of Palestine’s Ministry of Interior, mandates all Palestinian banks to immediately freeze the accounts of charitable associations, local civil society organizations, foreign branches, and fundraising campaigns that lack explicit time limits. Banks must also halt all financial transfers to foreign accounts without prior written approval from the Ministry of Interior and strictly enforce previous 2012 and 2014 circulars governing these entities. Furthermore, foreign association branches are required to submit newly certified registration documents and authorized signatory lists to the Ministry of Interior before opening any new bank accounts.
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