The Palestinian National Council, which met this week for the first time in over two decades, was set to formally announce the measure yesterday evening.
Abbas, 82, made the comments during a wide-ranging speech, which also drew condemnation from the United States and the European Union.
The incendiary content of Abbas's speech, which was reported by The Times of Israel late that night, was not included in the official Palestinian news agency's English press release about his address or in most initial worldwide coverage of it.
Abbas touched on a number of anti-Semitic conspiracy theories during what he called a "history lesson", attempting to prove that the 3,000-year-old Jewish connection to the Land of Israel is false.
"The proof of this is that there were Jews [living] in all Arab countries", Abbas said, going on to assert that Jews had lived in the Arab world for some 1,400 years without facing religious persecution. "They say 'it is because we are Jews'".
"Our organization is clear and unequivocal distanciruemsa from the speech of President Abbas. With diatribes like this, President Abbas only undermines the legitimate aspirations and concerns of the Palestinian people, and distracts from the need for global action to help alleviate the crisis in Gaza and advance the two-state solution".
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Benjamin Netanyahu has accused the Palestinian president, Mahmoud Abbas, of antisemitism after he claimed past massacres including the Holocaust were related to the "social function" of Jews in banking.
The PNC was convened by Mr Abbas in part to forge a strategy in response to president Donald Trump's decisions to recognise Jerusalem as Israel's capital, and to move the U.S. embassy to the city. "His time as a Palestinian leader who can be considered a possible partner for any kind of peace negotiation is over".
The speech has been widely condemned as anti-Semitic.
"We are outraged by the comments of Palestinian Authority President Mahmoud Abbas (Abu Mazen) in which he placed responsibility for the Holocaust on its Jewish victims", a joint statement said. "Not even once. Do you think I'm exaggerating?"
The Palestinian leader has a history of Holocaust denial.
Abbas has already faced accusations of Holocaust denial based on his 1982 doctoral dissertation titled.