Palestinian President
Palestinian president Mahmoud Abbas gestures during a meeting with members of the Palestinian leadership in the West Bank city of Ramallah on October 1, 2014. The Palestinians are under heavy pressure to drop plans to seek a UN Security Council resolution to end Israel's occupation, risking an annual $700 million in US aid, president Mahmoud Abbas has said. Getty Images

Palestinians will submit a draft resolution to the UN Security Council to demand the end of the Israeli occupation by the end of October, a senior official said on Thursday (16 October).

Despite several threats not to go ahead with the resolution, including alleged threats of cuts to US aid, Palestine Liberation Organisation (PLO) secretary general Yasser Abed Rabbo said the decision was made to move forward late Wednesday (15 October).

"The political council of the PLO decided during its meeting last night... to go to the UN Security Council with the aim of getting a resolution passed to end the Israeli occupation in the Palestinian territories... by the end of this month," said Rabbo.

At a news conference in the West Bank city of Ramallah, Rabbo said the voting can take place, "two weeks or more after the request is presented. There is no excuse for a delay."

AFP News obtained a draft of the resolution earlier this month, which calls for the, "full withdrawal of Israel, the occupying power, from all of the Palestinian territory occupied since 1967, including East Jerusalem, as rapidly as possible and to be fully completed within a specified time frame, not to exceed November 2016."

Meanwhile, Israeli Prime Minister Benjamin Netanyahu told the visiting UN Chief Ban Ki-moon on Monday that any Palestinian diplomatic offensive would "undermine" peace efforts.

Palestinian president Mahmoud Abbas has also warned that Palestinians could risk £436 million ($700 million) a year in US aid if they push forward with the resolution.

Abbas also said that Palestinians might take Israeli officials to the International Criminal Court over alleged war crimes.

Palestinians acquired the UN observer state status in 2012 and since the collapse of the US-led peace talks with Israel in April, they've been trying to find a path to seek independence.

United States is expected to oppose the resolution as it has time after time vetoed resolutions that are seen as undermining Israel.

Rabbo hopes the resolution can at least be debatable amongst the 15-member council even if can't fully go forward.