Identifier
Created
Classification
Origin
07JERUSALEM2240
2007-10-29 16:32:00
CONFIDENTIAL
Consulate Jerusalem
Cable title:
PRESIDENT ABBAS SIGNS ANTI-MONEY LAUNDERING DECREE
VZCZCXRO2171 OO RUEHROV DE RUEHJM #2240 3021632 ZNY CCCCC ZZH O 291632Z OCT 07 FM AMCONSUL JERUSALEM TO RUEHC/SECSTATE WASHDC IMMEDIATE 9437 INFO RUEHXK/ARAB ISRAELI COLLECTIVE PRIORITY RHEHNSC/NSC WASHDC PRIORITY RUEATRS/DEPT OF TREASURY WASHDC PRIORITY RUEHBS/USEU BRUSSELS PRIORITY
C O N F I D E N T I A L JERUSALEM 002240
SIPDIS
SIPDIS
NEA FOR FRONT OFFICE; NEA/IPA FOR
GOLDBERGER/SHAMPAINE/BELGRADE; NSC FOR ABRAMS/WATERS;
TREASURY FOR SZUBIN/GRANT/HARRIS/NUGENT/HIRSON
E.O. 12958: DECL: 10/29/17
TAGS: ECON EFIN KFTN PGOV KWBG
SUBJECT: PRESIDENT ABBAS SIGNS ANTI-MONEY LAUNDERING DECREE
REF: A. JERUSALEM 1994
B. JERUSALEM 1995
Classified By: Consul General Jake Walles, Reasons 1.4 (b) and (d).
C O N F I D E N T I A L JERUSALEM 002240
SIPDIS
SIPDIS
NEA FOR FRONT OFFICE; NEA/IPA FOR
GOLDBERGER/SHAMPAINE/BELGRADE; NSC FOR ABRAMS/WATERS;
TREASURY FOR SZUBIN/GRANT/HARRIS/NUGENT/HIRSON
E.O. 12958: DECL: 10/29/17
TAGS: ECON EFIN KFTN PGOV KWBG
SUBJECT: PRESIDENT ABBAS SIGNS ANTI-MONEY LAUNDERING DECREE
REF: A. JERUSALEM 1994
B. JERUSALEM 1995
Classified By: Consul General Jake Walles, Reasons 1.4 (b) and (d).
1. (C) On October 27, President Abbas signed a presidential
decree enacting anti-money laundering legislation intended to
make it harder for groups such as Hamas to obtain funds
(reftels). Abbas and Prime Minister Fayyad told the Consul
General that the legislation would be enacted by decree,
given the inability of the Palestinian Legislative Council
(PLC) to form a quorum. Hamas spokesman Sami Abu Zuhri told
the press that the law may have some effect on Hamas, but
that it will not succeed in drying up the organization's
sources of funding.
2. (C) Palestine Monetary Authority (PMA) Deputy Governor
Jihad al-Wazir told Econoff October 29 that he and his PMA
colleagues are happy with the law: "We got what we wanted."
He said the law provides the tools required to combat money
laundering and terrorism financing, including the authority
to suspend accounts showing suspicious activity. He said the
only last-minute change in the legislation is the addition of
the Ministry of National Economy to the steering committee.
He said he will provide post an English version of the
legislation as soon as one is available.
3. (SBU) Al-Wazir told local press the law should also help
reassure foreign banks that they can do business with their
Palestinian counterparts without running afoul of U.S. and
Israeli counterterrorism regulations. Al-Wazir noted that
the regulations were put together with the help of the
International Monetary Fund (IMF) and are in line with
international standards. He said that violators will face
3-to-15 years in prison and fines of up to NIS 600,000 (USD
150,000).
WALLES
SIPDIS
SIPDIS
NEA FOR FRONT OFFICE; NEA/IPA FOR
GOLDBERGER/SHAMPAINE/BELGRADE; NSC FOR ABRAMS/WATERS;
TREASURY FOR SZUBIN/GRANT/HARRIS/NUGENT/HIRSON
E.O. 12958: DECL: 10/29/17
TAGS: ECON EFIN KFTN PGOV KWBG
SUBJECT: PRESIDENT ABBAS SIGNS ANTI-MONEY LAUNDERING DECREE
REF: A. JERUSALEM 1994
B. JERUSALEM 1995
Classified By: Consul General Jake Walles, Reasons 1.4 (b) and (d).
1. (C) On October 27, President Abbas signed a presidential
decree enacting anti-money laundering legislation intended to
make it harder for groups such as Hamas to obtain funds
(reftels). Abbas and Prime Minister Fayyad told the Consul
General that the legislation would be enacted by decree,
given the inability of the Palestinian Legislative Council
(PLC) to form a quorum. Hamas spokesman Sami Abu Zuhri told
the press that the law may have some effect on Hamas, but
that it will not succeed in drying up the organization's
sources of funding.
2. (C) Palestine Monetary Authority (PMA) Deputy Governor
Jihad al-Wazir told Econoff October 29 that he and his PMA
colleagues are happy with the law: "We got what we wanted."
He said the law provides the tools required to combat money
laundering and terrorism financing, including the authority
to suspend accounts showing suspicious activity. He said the
only last-minute change in the legislation is the addition of
the Ministry of National Economy to the steering committee.
He said he will provide post an English version of the
legislation as soon as one is available.
3. (SBU) Al-Wazir told local press the law should also help
reassure foreign banks that they can do business with their
Palestinian counterparts without running afoul of U.S. and
Israeli counterterrorism regulations. Al-Wazir noted that
the regulations were put together with the help of the
International Monetary Fund (IMF) and are in line with
international standards. He said that violators will face
3-to-15 years in prison and fines of up to NIS 600,000 (USD
150,000).
WALLES