Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (21/2014)

To all banks operating in Palestine

Date: Sunday, March 02, 2014

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Subject: Foreign Account Tax Compliance Act (FATCA)

Following the Palestine Monetary Authority's follow-ups regarding the Foreign Account Tax Compliance Act (FATCA), and continuing its role in monitoring banks' readiness to comply with the requirements of the aforementioned law, the PMA directs the management of banks operating in Palestine to commence the electronic registration process with the U.S. Internal Revenue Service before the deadline set by them on 25/04/2014, in order to have the registration reviewed and approved by the IRS during 2014.

We also reiterate the necessity of complying with the requirements of Instruction No. (06/2013) regarding the preparation of bank secrecy waiver forms solely for the purpose of applying the requirements of the U.S. tax compliance law, to be signed by customers subject to the requirements of this law.

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Supervision and Inspection Department
Palestine Monetary Authority

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