The Biden administration is highly concerned that Israel's finance minister will cut Palestinian banks off from the Israeli financial system, risking economic collapse in the West Bank.
Smotrich has the power to authorize Israeli banks to conduct financial transactions with Palestinian banks without facing charges of money laundering, but his threats could collapse that system.
By threatening to limit banking authorizations, Smotrich has effectively leveraged his position to compel Israeli Prime Minister Netanyahu to approve settlements in the West Bank.
The underlying ideology of Smotrich includes viewing the Palestinian Authority as a threat, and his actions could create a power vacuum in the West Bank.
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