Regulatory Alerts2025-01-01
Circular No. 2 on Lifting of Banking Secrecy Decisions
The Palestine Monetary Authority issued Circular No. 2/2025 to address delays by banks in responding to banking secrecy lifting decisions communicated by the Corruption Crimes Prosecution Office. The circular instructs all operating banks to promptly reply to these requests in compliance with prevailing Palestinian legislation, thereby preventing investigation bottlenecks. This directive follows a formal letter from the Attorney General highlighting that slow bank responses are obstructing ongoing investigative procedures.
Page 1
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority Circular No. 2/2025 To all Banks Operating in Palestine Date: Monday, January 13, 2025
Subject: Decisions on Lifting of Banking Secrecy
A copy of the Attorney General's letter regarding the delay by some banks in responding to decisions on lifting banking secrecy, sent through the Corruption Crimes Prosecution Office, is enclosed. Accordingly, the Palestine Monetary Authority emphasizes the necessity of taking necessary measures to ensure a prompt response to requests for lifting banking secrecy, in accordance with the provisions of prevailing legislation in the State of Palestine.
Supervision Department Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Page 2
State of Palestine - Public Prosecution - Attorney General Office
Date: January 9, 2025 [Stamp: State of Palestine - Public Prosecution - Attorney General Office - Issued: 58 - Date: 09-01-2025]
His Excellency Yahya Al-Shenar, may God protect him, Governor of the Palestine Monetary Authority,
Greetings and regards,
Subject: Decisions on Lifting of Banking Secrecy
The Public Prosecution extends its best regards, With reference to the letter received from the Head of the Corruption Crimes Prosecution Office dated January 6, 2025, regarding the delay by banks operating in Palestine in responding to decisions on lifting banking secrecy as communicated by the Corruption Crimes Prosecution Office, which causes obstruction and delay in investigation procedures for files related to these decisions, and accordingly, for the smooth progress of investigations, we request your good office to instruct the relevant parties to issue a circular to all banks operating in Palestine to respond promptly to correspondence regarding requests for lifting banking secrecy, enabling the Public Prosecution to take the necessary legal action accordingly.
With highest regards, Attorney General Advisor Akram Al-Khatib [Signature] [Stamp: State of Palestine - Public Prosecution - Attorney General Office - Ramallah]
- Copy: Corruption Crimes Prosecution Office.
- Copy: Special File.