Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (63 / 2016)

To all banks operating in Palestine

Date: Wednesday, April 20, 2016

Subject: Bank Accounts for Trade Unions and Labor Federations

Attached for your information is the letter from His Excellency the Minister of Labor No. (13052) dated 2016/03/14 regarding the mechanism for handling bank accounts for trade unions and labor federations. Please take the necessary measures to implement the requirements of the aforementioned letter.

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Deputy Governor
for Financial Stability Affairs

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Copy: His Excellency the Minister of Labor.

Supervision and Inspection Department

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www.pma.ps

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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 Email: info@pma.ps

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Palestinian National Authority

Ministry of Labor

Minister's Office

P.O. Box: 390

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Palestinian National Authority
Ministry of Labor
Minister's Office

Date: 2016/03/14

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His Excellency Mr. Azzam Al-Shawa, may God protect him Governor of the Palestine Monetary Authority Greetings,

Subject: Bank Accounts for Trade Unions and Labor Federations

The Ministry of Labor extends its warmest greetings. In light of its legal responsibilities to protect trade union freedoms through its attention to and follow-up of the formation of unions and federations, and in compliance with the provisions of the Palestinian Labor Law, particularly Articles 3 and 5, which designate the Ministry of Labor as the competent authority to monitor various trade union organizations, we hope that Your Excellency will issue the appropriate directives to all banks operating in the territories of the State of Palestine to strictly adhere to the following:

• No bank account shall be opened for trade unions and labor federations without an official letter from the Palestinian Ministry of Labor specifying the authorized signatories for checks and banking transactions for these accounts, and the validity period of these signatures as stipulated in their approved internal regulations.

• Regarding existing and currently active accounts, we hope that Your Excellency will issue instructions to freeze all authorized signatures of approved signatories at various banks for all trade unions and labor federations that have not obtained an official letter from the Palestinian Ministry of Labor approving these signatories, and to convert these accounts to deposit-only status until they obtain an official letter from the Ministry of Labor permitting the modification of these accounts after settling their internal status.

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Thanking you for your diligence and cooperation

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Ministry of Labor
State of Palestine

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State of Palestine
Ministry of Labor
Archives Department

15-03-2016
Issued / Received: 24
No.: 12060

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Ramallah Al Lirwais
Tel: +970 2 2415250
Fax: +970 2 2409922

Ramallah - Palestine
Tel: +970 2 2415250
Fax: +970 2 2409922