Regulatory Alerts2007-01-01
Circular No. 83/2007: Accounts of Foreign Association Branches
Issued by the Palestine Monetary Authority on December 4, 2007, Circular No. 83/2007 mandates that all banks operating in Palestine must not open new accounts for foreign associations unless they hold a valid license from the Ministry of Interior. This requirement enforces provisions under Law No. 1 of 2000 concerning Charitable Associations and Civil Organizations, as directed by an attached correspondence from the Minister of Interior. Financial institutions are strictly instructed to verify the licensing status of any foreign association before establishing any new banking relationship.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (83/2007)
To all banks operating in Palestine
Date: Tuesday, December 04, 2007
Subject: Accounts of Foreign Association Branches
With reference to the above subject, and based on the letter from His Excellency the Minister of Interior (attached herewith) and the authorities stipulated in Law No. (1) of 2000 concerning Charitable Associations and Civil Organizations, all banks operating in Palestine are requested not to open new accounts for foreign associations unless the relevant association has obtained the necessary license from the Ministry of Interior.
Banking Supervision Department
Palestine Monetary Authority
Copy: His Excellency the Minister of Interior.
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Bireh - P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487