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Banks Dropping Humanitarian Clients Working in Gaza
An article in the Wall Street Journal states that 30 humanitarian organizations providing aid in Gaza have had their bank accounts closed by banks in Europe and other countries. These banks have not explained why they’re closing accounts. They’re likely choosing to “derisk” by simply closing small accounts that present due diligence challenges.
As noted in the article, there is no U.S. embargo on providing humanitarian assistance to Gaza and the West Bank, and generally, food and medical assistance are not prohibited. Nonetheless, it’s not worth it for the Banks to take on the risks of transferring funds to Gaza.