Israeli military forces entered the West Bank this week and raided fourteen money exchange houses, arresting five individuals and seizing shekels, US Dollars and Jordanian Dinars worth a total of NIS 3m (US$ 840,000). Israel has changed that West Bank MSBs are funnelling cash to Hamas, and that the Palestinian Authority is not acting to interdict and suppress these activities, which constitute terrorist financing, as Hamas is a designated global terrorist organisation. Banks in the region already shun Hamas, and the MSBs reportedly have been filling the gap. Whilst the names of the MSBs have not yet been released, prudent risk management dictates that international banks who deal with West Bank NBFIs immediately conduct enquiries to ensure that none of the ones they do business with have been named by the authorities. Call those firms immediately.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.