RegAlertRule · PMA · 6 Oct 2019
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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (235/2019)
To all banks operating in Palestine
Date: Sunday, 06 October 2019
Subject: Non-Profit Companies
Attached is the letter from the Company Controller, Ref. No. (C/Gen.71/2019), dated 26/09/2019, regarding the prohibition of allowing any non-profit company to utilize any funds deposited into its accounts without first obtaining prior approval for receiving such funds, in accordance with the mechanism approved by the esteemed Cabinet decision dated 21/04/2016.
Accordingly, the necessary action is requested regarding this matter.
Supervision and Inspection Department Palestine Monetary Authority
Copy: Respected Company Controller.
Note: Address: Ramallah and Al-Bireh - Palestine P.O. Box 452 | info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 | Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps
State of Palestine
Ministry of National Economy
State of Palestine
Ministry of National Economy
Date: 26/09/2019
Reference: C/Gen.71/2019
May God protect him
His Excellency Mr. Azzam Al-Shawa
Governor of the Palestine Monetary Authority
Subject: Non-Profit Company Accounts
Greetings,
We extend our best regards. With reference to the above subject, and in light of the Cabinet decision dated 21/04/2019 regarding the mechanism for granting non-profit companies approval to receive donations, contributions, grants, and financing, please be informed that following a review of the records of certain non-profit companies, it has become apparent that they received funds directly from banks without going through the approved mechanism for obtaining donations, contributions, grants, and financing.
We kindly request Your Excellency to instruct the relevant parties within the Palestine Monetary Authority to direct all banks not to allow any non-profit company to withdraw any amounts deposited into their accounts without first obtaining the necessary approvals in accordance with the mechanism approved by the Cabinet on this matter.
We take this opportunity to express our deepest gratitude and appreciation to Your Excellency.
Please accept, Your Excellency, our highest respect and esteem.
Tareq Al-Masri
Company Controller
Copy: His Excellency the Minister of National Economy May God protect him
Ramallah - Tel: +970-2-2977010 - Fax: +970-2-2981207/8 - P.O.Box: 1629 Email: info@met.gov.ps; www.mne.gov.ps
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
CBJCircular Regarding Jordanian Cooperative Institution No. 11155/4/2/10 dated 2015/9/8Jordan · 2015-09-08
CBLCircular 5/2017: Executive Procedures and Controls for Opening Accounts for Non-Profit Organizations and InstitutionsLibya · 2023-07-12
HKMANGO Fund Raising ActivitiesHong Kong · 2015-06-02
CBECircular dated May 22, 2018 regarding the need for banks to ensure that associations obtain a license to collect donation funds before opening accounts for themEgypt · 2018-05-23
SAMAAmendment of the Two Rules Related to Private Associations and FoundationsSaudi Arabia · 2024-12-31
More like this from PMA
PMA published 4 documents in the last 30 days. We email you each new one the day it's published.
Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated