E3 Foreign Ministers Urge Immediate Renewal of Israeli-Palestinian Banking Services.

Paris: The foreign ministries of France, Germany, and the United Kingdom have jointly called for the urgent renewal of Israeli-Palestinian correspondent banking services for a minimum duration of one year. The call underscores the critical need to maintain cross-border trade and avert potential economic and security repercussions. According to Palestine News and Information Agency - WAFA, the joint statement from the three foreign ministries emphasized the severe consequences of failing to renew these services. It warned that a suspension would be catastrophic for the Palestinian economy, jeopardizing regional security and adversely affecting both Palestinian and Israeli businesses. The statement highlighted significant progress made in recent months to mitigate risks associated with illicit financing. This includes the completion of a National Risk Assessment by the Palestinian Monetary Authority and an agreement for a MENAFATF on-site evaluation scheduled for next year. The foreign ministries of France, Germany, and the United Kingdom urged the Israeli government to renew the indemnifications without delay for a period of at least one year. This request aligns with their obligations under the Paris Protocol, reflecting the importance of maintaining stable financial relations between the regions.