Bank of Palestine.- a currency exchange agency and a broker with no pants (no own currency).

Submitted by Ynnatchkah (United States), Apr 5, 2008 at 04:14

When reading the following URL:

http://www.bankofpalestine.com/due_diligence/due_diligence.jsp

It came to a series of questions in regards to the due diligence that was done over the "Bank of Palestine" by an US due diligence responsible company.

Some facts just confused my mind:

The "Bank of Palestine" trades all sorts of coins as a regular exchange broker, rather than a Central Bank as is struggles to look, excluding the Palestinians Coin, b/c simply it does not exist, nevertheless the Bank of Palestine is authorized by the Palestinian Monetary Authority, whose sine qua non like any other central bank' operations to be considered also in its own currency- however, again no Palestinian currency exist.

Then their certification presumes they maintain a correspondent account with an US Bank or US Broker. JP Morgan !!!!!!!!

They describe its Nominal capital in Egyptian Pounds, which is NOT a "Palestinian Currency".

http://www.bankofpalestine.com/due_diligence/article_of_association.pdf

Again, who granted the power of Central Bank to a named Palestinian monetary authority, if there is not even a currency?

They called themselves as "First National Bank" to sound legitimate, as if you are dealing with the Central Bank of any legitimate country.

http://www.bankofpalestine.com/corr.pdf

They have a correspondent Network with Dubai and others, in addition to Bank hapoalim and Israel Discount Bank JThey trade Israeli Shekel too.

Waiting for a financial expert to clarify to me what is going on....

Thanks

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