PMA Organizes Training Course for Ministry of Finance Employees

Ramallah, 05/08/2015

The PMA organized a training course titled “Rules and Procedures Regulating Money Changing Sector” in the the Palestinian Institute for Public Finance and Taxes at the Ministry of Finance. Attending the training course were 15 employees from the General Directorate of income Taxes/ Ministry of Finance joining from all directorates operating in the northern governorates.

The training course was opened by Mrs Ifham Abd Alsalam from the Revenue Department in the Ministry of Finance, who welcomed both the PMA delegation and the participants. In her speech Mrs Abd Alsalam commended the cooperation between the PMA and the Ministry of Finance and hoped for its continuation, as the PMA is renowned for its high level of professionalism and competence locally, regionally and internationally, as attested by the International Monetary Fund (IMF) and the World Bank (WB).

The course was delivered by Mr Awni Alahmad from the Supervision and Inspection Department and covered several areas including regulations governing the money changing sector in Palestine, the supervision and inspection mechanisms on operating money changing firms in line with the Presidential Decree No. (13) On Money Changers Licensing and Supervision. Moreover, the instructions issued by the PMA in relation to the money changing sector were reviewed. A presentation was delivered on the operation of the accountancy software which is used by money changers and money changing firms and is authorized by the PMA, together with an introduction to balance sheets and financial reports submitted to tax departments, in view of the opportunities available to the Palestinian money changing business. Finally, the mechanisms of anti-money laundering and the related consequences were also elaborated.