LogoRegulatory Alerts
2016-01-01

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.

Palestine Monetary Authority logo

Palestine

Palestine Monetary Authority

Click to view thumbnail

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (128 / 2016) To all banks operating in Palestine Date: Monday, July 18, 2016

Subject: Letter from the State Prime Minister / Minister of Interior

Attached for your information and action is the letter from the State Prime Minister / Minister of Interior No. (1963) dated 12/07/2016 regarding the bank accounts of charitable associations, local civil society organizations, and foreign branches.

Please take the necessary legal measures regarding the implementation of the requirements of the attached letter and provide us with confirmation thereof within one week from its date.

Deputy Governor
Financial Stability Affairs

Supervision and Inspection Department

Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Phone: +970 2 2415250 | Fax: +970 2 2409922 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps

In the name of Allah, the Most Gracious, the Most Merciful

STATE OF PALESTINE
Ministry of Interior
Minister Office

State of Palestine
Ministry of Interior
Minister's Office

His Excellency Mr. Azzam Al-Shawa ... may God protect him
Governor of the Palestine Monetary Authority ...
Greetings from the homeland and thereafter ..

Subject: Bank Accounts of Charitable Associations
and Local Civil Society Organizations and Foreign Branches

The Ministry of Interior extends its best regards and wishes you good health and well-being. With reference to the above subject, to ensure that operations proceed according to regulations and instructions, and to reaffirm previous correspondence on this matter, please instruct the banks as follows:

  1. Reiterate the circular issued on 19/5/2014, which contains the relevant instructions.
  2. Instruct banks to freeze all accounts of associations, civil society organizations, and foreign association branches that are not time-bound, and which can only be modified by a new official letter issued by the Ministry of Interior in accordance with procedures.
  3. Freeze the accounts of fundraising campaigns that are not time-bound and were opened via correspondence from the Ministry of Interior, and which can only be modified by a new official letter issued by the Ministry of Interior in accordance with procedures.
  4. Halt financial transfers from association accounts to banks and accounts outside the country without prior approval from the Ministry of Interior.
  5. Reiterate Circular No. 8 of 2012 issued by the Palestine Monetary Authority on 8/8/2012 regarding local associations and civil society organizations.
  6. For the purpose of opening a bank account for foreign association branches operating in Palestine, the following documents must be submitted: a. A branch registration certificate issued by the Ministry of Interior. b. Authorization of the branch representative and authorized signatories, certified by the Ministry of Interior.

With respect,

Dr. Rami Ahmad Allah
Prime Minister / Minister of Interior

State of Palestine
Minister of Interior
Palestine Monetary Authority
1963
12.7.2016

Tel:
Fax: 0097222986383
Phone: 0097222986383 | Fax:

Share