Regulatory Alerts2019-10-06
Added · Updated
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.