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Viewing cable 08JERUSALEM917, TREASURY DEPUTY SECRETARY KIMMITT AND PMA GOVERNOR

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Reference ID Created Released Classification Origin
08JERUSALEM917 2008-05-30 15:07 2011-08-30 01:44 CONFIDENTIAL Consulate Jerusalem
VZCZCXRO7330
OO RUEHROV
DE RUEHJM #0917/01 1511507
ZNY CCCCC ZZH
O 301507Z MAY 08
FM AMCONSUL JERUSALEM
TO RUEHC/SECSTATE WASHDC IMMEDIATE 1669
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 SECTION 01 OF 02 JERUSALEM 000917 
 
SIPDIS 
 
NEA FOR FRONT OFFICE; NEA/IPA FOR 
GOLDBERGER/SHAMPAINE/SACHAR; NSC FOR PASCUAL; 
TREASURY FOR SZUBIN/GRANT/ROSE/NUGENT/HIRSON 
 
E.O. 12958: DECL: 05/23/18 
TAGS: ECON EFIN KFTN KWBG IS
SUBJECT: TREASURY DEPUTY SECRETARY KIMMITT AND PMA GOVERNOR 
REVIEW STATE OF BANKING SECTOR 
 
REF: JERUSALEM 365 
 
Classified By: Consul General Jake Walles, Reasons 1.4 (b) and (d). 
 
1.  (C) On May 22, Treasury Deputy Secretary Robert M. 
Kimmitt and Palestine Monetary Authority (PMA) Governor Jihad 
al-Wazir met on the sidelines of the Palestine Investment 
Conference in Bethlehem where they discussed recent 
developments in the banking sector in the West Bank and Gaza. 
 Kimmitt began by noting that in recent years foreign 
investors are increasingly concerned about the influence of 
illicit financing in making their investment decisions. 
Government anti-money laundering and combating of financing 
terrorism (AML/CFT) programs, therefore, have assumed 
heightened importance in the assessment of potential 
investments.  Kimmitt commended the PMA and Wazir for the 
progress achieved thus far in the adoption of a strong 
AML/CFT framework, while also emphasizing the need to commit 
necessary resources to  implementation and enforcement of the 
PA's AML/CFT regime.  He expressed Treasury's commitment to 
continue to work closely with the PMA, particularly in the 
sharing of relevant and timely information, when possible. 
 
------------ 
PMA Advances 
------------ 
 
2.  (C) Wazir expressed appreciation for USG support and the 
constructive dialogue he has maintained with several Treasury 
officials, including Stuart Levey, Under Secretary for the 
Office of Terrorism and Financial Intelligence, and Adam 
Szubin, Director of the Office of Foreign Assets Control.  He 
said that greater information sharing among the USG, GOI and 
PA would be more effective in combating illicit financing 
than "media and IDF attacks" on financial institutions 
operating in the West Bank.  Wazir stated that "sledgehammer" 
actions, such as IDF raids on money changers earlier this 
year (reftel), undermine PM Fayyad and PMA's efforts.  Wazir 
asserted that the PMA is 
prepared to act when informed of illicit transactions, such 
as when the PMA fined a bank and fired its compliance officer 
last year over misdirected PA salary payments.  He also 
raised the reserve requirement of a troubled bank to 
20 percent. (Note:  Based on Wazir's previous comments to 
Econoff, the bank referred to in both cases is the Palestine 
Islamic Bank (PIB)  End note.)  Wazir noted that the PMA 
continues to modernize, with recent adoption of an 
electronic check clearing system and the launch of an 
electronic credit information bureau by which banks can 
generate credit reports for borrowers on-line.  All 21 banks 
operating in the West Bank and Gaza have compliance 
officers, according to Wazir. 
 
--- 
PIB 
--- 
 
3. (C) In reply to Kimmitt's question about what additional 
steps are to be taken against the PIB, Wazir said he is 
pressing the PIB board to remove the PIB general manager for 
gross mismanagement, for which Wazir claimed there was ample 
evidence.  He cited recent attacks in the Hamas-controlled 
media against the PMA and him personally as evidence that 
Hamas is "feeling squeezed" by PMA actions. (Note: Wazir 
previously conveyed to USG officials that PIB is in 
receivership and that the board of directors was removed from 
the bank by the PMA. End Note) 
 
------------------------ 
Banking Sector Expansion 
------------------------ 
 
4. (C) Wazir stated that the banking sector has experienced 
22 percent growth in the past year, with assets exceeding USD 
7 billion by the end of 2007.  He asserted that the 
percentage of population holding bank accounts is greater 
than in any of the Arab states except perhaps a couple of 
Gulf states.  Wazir opined that there are too many banks 
currently operating in the West Bank and Gaza, and expects 
the number of banks to drop from 21 to 19 by the end of the 
year.  He advised that the PMA has raised the capital 
required to establish a bank to USD 35 million. Wazir 
stressed that the OFAC-designation of Al-Aqsa Bank lowers 
confidence in the banking sector and deters investment.  He 
said he hopes that Al-Aqsa Bank funds frozen in Bahrain will 
 
JERUSALEM 00000917  002 OF 002 
 
 
be released soon so the bank can be liquidated.  He asserted 
that the GOI is in favor of this. 
 
------------------------ 
Correspondent Bank Issue 
------------------------ 
 
5.  (C) Wazir stated that he met recently with Bank of Israel 
(BoI) Governor Fischer and repeated his proposal that the PMA 
act as the focal point for clearing checks, in coordination 
with the BoI, through Israeli banks.  Wazir said he remains 
skeptical that the GOI Postal Bank is capable of serving as 
the correspondent bank for all banks operating in the West 
Bank and Gaza.  He described the Postal Bank as an 
inefficient GOI-owned entity likely to charge higher fees for 
services than Israeli private banks.  Wazir said that 
transactions between Israel and the West Bank/Gaza totaled 
USD 20 billion in 2007.  He added that he has encouraged 
banks to meet with their Israeli counterparts at least once a 
month. 
 
6.  (SBU) Deputy Secretary Kimmitt cleared this message. 
WALLES