Hamas-Linked Groups Rob $70 Million from Bank of Palestine in Gaza

Armed groups allegedly linked to Hamas have stolen approximately $70 million from several branches of theBank of Palestinein Gaza between April 16-18, 2024. The robbery, detailed in a document sent by the bank to international partners, marks a significant blow to Gaza's leading financial institution.

Why this matters: This brazen heist highlights the fragilesecurity situation in Gaza and the challenges faced by Palestinian institutions operating in the region. The incident also has broader implications for the global financial system, as it may lead to increased scrutiny of financial transactions and institutions operating in conflict zones.

The heist unfolded over three days, beginning on April 16 when staff at one of the bank's Gaza branches discovered a hole in the ceiling of the safe deposit room. The thieves had made off with $3 million worth of Israeli shekels destined for cash dispensers. The next day, armed groups equipped with explosives returned to the site, blew up a cement protection chamber, and took more than $30 million in various currencies from three safes.

The biggest hit came on April 18, when commandos claiming to answer to "Gaza's highest authorities" - understood to mean Hamas - attacked the bank's largest branch in the Strip. The group seized more than $36 million worth of shekels, bringing the total losses to around $70 million.

Founded in 1960, theBank of Palestineis the leading financial institution in Gaza. The Palestinian Monetary Authority, an independent body overseeing the financial system in Palestinian territories, plans to issue a statement on the matter. The incident underscores the fragile security situation in Gaza, which has been under Hamas control since 2007.

In a separate development, the Israeli army has reportedly seized a large sum of money, amounting to several tens of millions of dollars, belonging to the Bank of Palestine. The move was apparently aimed at preventing the funds from falling into the hands of Hamas.

The brazen robbery of the Bank of Palestine by Hamas-linked groups and the Israeli army's seizure of the bank's funds highlight the complexfinancialand security challenges faced by Palestinian institutions operating in Gaza. As the Palestinian Monetary Authority prepares its response, the international community will be closely watching developments in the coastal enclave.

Key Takeaways

• $70 million stolen from Bank of Palestine in Gaza by Hamas-linked groups.
• Theft occurred over 3 days, with thieves using explosives to access safes.
• Bank of Palestine is Gaza's leading financial institution, founded in 1960.
• Israeli army seized tens of millions of dollars from Bank of Palestine to prevent funds from reaching Hamas.
• Incident highlights fragile security situation in Gaza and challenges for Palestinian institutions.