Regulatory Alerts2019-01-01
Palestine Monetary Authority Circular No. 235 on Non-Profit Companies
The Palestine Monetary Authority, following a directive from the Ministry of National Economy, mandates that all banks operating in Palestine must prevent non-profit companies from depositing or withdrawing funds without first securing prior regulatory approval through the Cabinet-approved mechanism for donations, grants, and financing. This requirement addresses audit findings that certain non-profit entities circumvented the official compliance channel by receiving funds directly from banks. Banks are instructed to immediately implement these controls to ensure all non-profit financial transactions adhere to the established government authorization procedures.
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