Regulatory Alerts2025-01-01
Circular No. 3: Ayn Karim Residents Charitable Association
The Palestine Monetary Authority issued Circular No. 3/2025 to all banks operating in Palestine, requiring them to submit bank statements for the dissolved Ayn Karim Residents Charitable Association (RA-22882-C) to the Market Supervision Department within two days. This request follows a Ministry of Interior directive (No. 267) and an underlying Ministerial Decision No. 50/2022, which dissolved the association due to failure to hold board elections, conduct annual general meetings, and submit financial reports for 2016–2020. The circular mandates compliance with the three-month rectification notice period and initiates formal liquidation procedures under Article 39 of the Associations Law.
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