Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
Financial Services

Visa and Mastercard to stop credit services in Palestine after alleged terror links

Manas PimpalkhareBy Manas PimpalkhareUpdated:October 22, 2020 on October 22, 2020
Visa and Mastercard to stop credit services in Palestine after alleged terror links
Visa and Mastercard stop credit services in Palestine
Share
Reddit Facebook Twitter LinkedIn Pinterest WhatsApp Email

Global payments sector giants Visa and Mastercard have been questioned about their credit services in the Palestine region over ties to funding terrorism. Allegedly, the two companies are providing services to banks in Palestine, allowing terror outfits to secure funding. 

After initially closing terrorist accounts, existing banks in the Palestinian Authority (PA)  controlled area of West Bank has been persuaded to keep them open until the Palestinian Liberation organisation creates an alternative. Local reports suggest that the Palestinian Authority intends to use the new bank to finance terrorism. That is why Mastercard and Visa have received warnings to cut ties with banks operating in the Westbank area.

The Palestinian Authority has the hallmark of a brutal regime because it uses a payments system called ‘pay for slay’. Specifically, this is a special salary for terrorists and their families. Most banks operating from the PA dominated regions have been offering these transactions to terrorists and their families. 

However, in May this year, Israel passed legislation stating that any participation in funding terror outfits would amount to terror activity. Banks in the West Bank responded by declining to serve their terrorist customers, fearing criminal and civil charges.

To generate payments to its mercenaries, the PA decided to create a new bank in the bloc. However, the new bank will likely use Visa and Mastercard as credit service providers. According to the new Israeli law, both payments giants would face criminal and civil charges for aiding terror activities.

NGOs in the region have reported that the Palestinian Authority has been generating funds through global service providers since 1994.

Financial Services Fintech Legal Mastercard Payment VISA
Disclaimer
Read More Read Less
The information provided on this website shouldn’t be considered as investment, tax, legal, or trading advice. Morning Tick is not an investment advisory platform, nor do we intend to be. The publication, its’s management team, or authored-by-line doesn’t seem liable for your personal financial losses, which may be due to your panic decisions based on the content we published. We strongly recommend considering our stories as just a piece of information, unlike advice, recommendations, or requests. Some of the contents may get outdated, updated, or inaccurate despite our profound editorial policies. We urge readers to do their due diligence before making any investments decision with ongoing IDOs, ICOs, IEOs, or any other kind of financial offerings. Few outbound links may be commissioned or affiliated, which helps us grow financially and maintain healthy editorial norms. For more information, visit disclaimer page.
Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
Previous ArticleRussia adds Binance to blacklist amidst crypto trading reform
Next Article US representative Michael Conaway proposes novel regulation for Crypto Exchanges
Manas Pimpalkhare
  • Twitter

Aspiring Tech Journalist, Lawyer-to-be, has a keen interest in cybercrime and disruptive tech like AI, 5G, and crypto.

Recommended Posts

Top 5 mobile payment apps and wallets you should know in 2022

11 months ago

Banxa upgrades its product features, adds coins and introduces payment methods

September 23, 2021

How will India’s proposed ban on ‘private’ cryptocurrencies impact the sector?

February 1, 2021

Despite SEC’s lawsuit, Ripple is scaling up its operations worldwide

January 14, 2021
Add A Comment

Comments are closed.

Latest

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

57 mins ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 weeks ago

KX.finance announces upcoming DeFi/DEX aggregator launch on APTOS/SUI blockchain

3 months ago

HyperBC Group unveils Zero interest Crypto Credit Card HyperCard, obtains Lithuanian Financial License

3 months ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

3 months ago
Morning Tick
Facebook Twitter Instagram Pinterest RSS
  • About Us
  • Press Toolkit
  • Disclaimer
  • Contact Us
  • Privacy Policy
  • Sitemap
© 2022 Morning Tick. Disclaimer: The information provided on this website shouldn't be considered as investment, tax, legal, or trading advice.

Type above and press Enter to search. Press Esc to cancel.