Regulatory Alerts2013-01-01
Circular No. 54: Bank Accounts of Trade Unions and Federations
The Palestine Monetary Authority, acting on a directive from the Ministry of Labor, mandates all banks operating in Palestine to strictly regulate the opening and maintenance of bank accounts for trade unions and federations. Banks are prohibited from opening new union accounts without an official Ministry letter designating authorized signatories and their validity periods, and must convert all existing accounts lacking post-2009 Ministry approval to deposit-only status until internal affairs are regularized. This directive enforces compliance with the Palestinian Labor Law to safeguard union freedoms and ensure proper financial oversight of union organizations.
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