WASHINGTON: The United States on Tuesday denounced sanctions by Britain and four mutual allies against Israeli far-right ministers, saying they should focus instead on the Palestinian armed group Hamas.
“We find that extremely unhelpful. It will do nothing to get us closer to a ceasefire in Gaza,” State Department spokeswoman Tammy Bruce told reporters.
Britain, Canada, Norway, New Zealand and Australia “should focus on the real culprit, which is Hamas,” she said of the sanctions.
“We remain concerned about any step that would further isolate Israel from the international community,” she said.
The five Western countries imposed sanctions on Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben Gvir for “repeated incitements of violence” against Palestinians.
The two ministers faced repeated criticism but no formal sanctions under former US president Joe Biden. Since taking office, President Donald Trump has vowed unstinting support for Israel.
“If our allies want to help, they should focus on supporting Special Envoy (Steve) Witkoff’s negotiations and backing the Gaza Humanitarian Foundation when it comes to food and aid,” she said.
The Gaza Humanitarian Foundation has distributed aid in coordination with the Israeli military, an effort criticized by the United Nations and longstanding aid groups, which say it violates humanitarian principles.
US denounces UK, allies’ sanctions on Israeli far-right ministers
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US denounces UK, allies’ sanctions on Israeli far-right ministers
- Five Western countries imposed sanctions on Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben Gvir for 'repeated incitements of violence' against Palestinians
Britain needs ‘AI stress tests’ for financial services, lawmakers say
- Lawmakers urge AI-specific stress tests for financial firms
LONDON: Britain’s financial watchdogs are not doing enough to stop artificial intelligence from harming consumers or destabilising markets, a cross-party group of lawmakers said on Tuesday, urging regulators to move away from what it called a “wait and see” approach.
In a report on AI in financial services, the Treasury Committee said the Financial Conduct Authority and the Bank of England should start running AI-specific stress tests to help firms prepare for market shocks triggered by automated systems.
The committee also called on the FCA to publish detailed guidance by the end of 2026 on how consumer protection rules apply to AI, and on the extent to which senior managers should be expected to understand the systems they oversee.
“Based on the evidence I’ve seen, I do not feel confident that our financial system is prepared if there was a major AI-related incident and that is worrying,” committee chair Meg Hillier said in a statement.
TECHNOLOGY CARRIES ‘SIGNIFICANT RISKS’
A race among banks to adopt agentic AI, which unlike generative AI can make decisions and take autonomous action, runs new risks for retail customers, the FCA told Reuters late last year.
About three-quarters of UK financial firms now use AI. Companies are deploying the technology across core functions, from processing insurance claims to performing credit assessments.
While the report acknowledged the benefits of AI, it warned the technology also carried “significant risks” including opaque credit decisions, the potential exclusion of vulnerable consumers through algorithmic tailoring, fraud, and the spread of unregulated financial advice through AI chatbots.
Experts contributing to the report also highlighted threats to financial stability, pointing to the reliance on a small group of US tech giants for AI and cloud services. Some also noted that AI-driven trading systems may amplify herding behavior in markets, risking a financial crisis in a worst-case scenario.
An FCA spokesperson said the regulator welcomed the focus on AI and would review the report. The regulator has previously indicated it does not favor AI-specific rules due to the pace of technological change.
The BoE did not respond to a request for comment.
Hillier told Reuters that increasingly sophisticated forms of generative AI were influencing financial decisions. “If something has gone wrong in the system, that could have a very big impact on the consumer,” she said.
Separately, Britain’s finance ministry appointed Starling Bank CIO Harriet Rees and Lloyds Banking Group ‘s Rohit Dhawan as “AI Champions” to help steer AI adoption in financial services.
