RAMALLAH, October, 31 2024 (WAFA) – The foreign ministries of France, Germany and the United Kingdom called today 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," the three foreign ministries said in a joint statement.

The statement underscored 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.

The three countries urged the Israeli government to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol.

Y.S/M.N