British Embassy in France

10/30/2024 | Press release | Distributed by Public on 10/31/2024 08:02

E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services

Press release

E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services

The foreign ministries of France, Germany, and the UK (the E3) call on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.

From:Foreign, Commonwealth & Development OfficePublished30 October 2024

Joint statement:

The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.

We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

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Published 30 October 2024