Skip to main content

Palestinians met requirements for Israel to extend banking waiver, source says

1 min

Israel's requirements for the indemnification needed to allow Israeli banks to continue conducting transactions with Palestinian banks have been met by the Palestinian authorities, according to a source familiar with the situation.

The Palestinians must take anti-money laundering measures © Mena Today 

Israel's requirements for the indemnification needed to allow Israeli banks to continue conducting transactions with Palestinian banks have been met by the Palestinian authorities, according to a source familiar with the situation.

Technical experts argue that should warrant an extension of a current indemnification - set to lapse on Oct. 31 - for at least a year to avert an economic crisis in the West Bank, the source said.

U.S. Deputy Treasury Secretary Wally Adeyemo, who last month warned Israel that allowing the banking relationships to lapse would put its own security at risk, spoke on Monday with Palestinian Authority Prime Minister Mohammad Mustafa, according to the source. 

They discussed security and economic issues, as well as the authority's efforts to improve its anti-money-laundering and countering-the-financing-of-terrorism regime.

Adeyemo noted the authority's progress on the issue, including completing key milestones for assessing risks within its jurisdiction and bolstering effective compliance with international standards, the source said.

Israel's embassy in Washington did not immediately respond to a request for comment.

Reporting by Andrea Shalal

Related

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.