Regulatory Alerts2016-01-01
Circular No. 70: Bank Accounts of Professional Syndicates
The Palestine Monetary Authority issued Circular No. 70 to direct all banks operating in Palestine to exempt specific professional syndicates from the banking account requirements mandated by Circular No. 2016/63. At the request of the Ministry of Labor, this exemption applies to syndicates governed by independent legislation and operating outside the Ministry's regulatory oversight, specifically the Engineers, Doctors, Dentists, Pharmacists, Agricultural Engineers, and Veterinarians syndicates. Financial institutions must immediately apply these exemptions using the previously established operational mechanisms approved by the central bank.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2016/70)
To all banks operating in Palestine
Date: Wednesday, April 27, 2016
Subject: Bank Accounts of Professional Syndicates
Attached for your information is the letter from His Excellency the Minister of Labor, No. (13609), dated 2016/04/24, regarding the exemption of certain professional syndicates from the requirements of Circular No. (2016/63), dated 2016/04/20. Please take the necessary actions accordingly.
Deputy Governor
for Financial Stability Affairs
Copy: His Excellency the Minister of Labor.
Supervision and Inspection Department
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | +970 2 2409922: Fax | +970 2 2415250: Phone | P.O. Box 452 - Ramallah, Palestine
Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | +970 8 2844487: Fax | +970 8 2825292: Phone | P.O. Box 4026 - Gaza, Palestine
Email: info@pma.ps | info@pma.ps: Email
State of Palestine Ministry of Labor Minister's Office
State of Palestine Ministry of Labor Minister's Office
Date: 2016/4/24
His Excellency Mr. Azzam Al-Shawa, may God protect him
President of the Palestine Monetary Authority
Greetings,
Subject: Bank Accounts of Professional Syndicates
The Ministry of Labor extends its warmest greetings. Following our letter submitted to Your Excellency on 2016/3/14, concerning the bank accounts of professional syndicates and labor union federations, we kindly request that you instruct the relevant parties to exempt professional syndicates governed by their own specific laws from this decision. This is because they are not subject to the Ministry of Labor's oversight and are handled according to the previous mechanisms previously implemented and approved by you. Please note that these exempted syndicates are:
- Engineers Syndicate
- Doctors Syndicate
- Dentists Syndicate
- Pharmacists Syndicate
- Agricultural Engineers Syndicate
- Veterinarians Syndicate
With highest respect and appreciation,
Dr. Mamoun Abu Shaheed
Minister of Labor
State of Palestine
Ministry of Labor
Central Administration
25-04-2016
9/3
13609
Ramallah Al Ersal St.
Tel: 00970 2 240582-5
Fax: 00970 2 2409580
Ramallah Al Ersal Street
00970 2 240582-5: Phone
00970 2 2409580: Fax