Israel is set to take a significant step in the international war against money laundering and black capital. The Jewish State has been invited to join the Financial Action Task Force (FATF), an inter-governmental body that develops and promotes policies to combat money laundering and terrorist financing. Membership would be subject to an international audit on Israel’s own procedures.
FATF was established in 1989 by the G7. Today the organization has 34 member countries and 2 regional organizations and sets the international standards required by countries worldwide to fight money laundering.
The invitation to join the organization is a major diplomatic achievement for Israel. Membership has been sought by the Ministry of Finance and Ministry of Foreign Affairs in recent years as part of a joint effort with the Ministry of Justice’s Israel Financial Intelligence Unit (IMPA) which strives for the prohibition of money laundering and terrorist financing. Israel applied for membership in May 2012.
IMPA Head Adv. Paul Landes said, “Joining this organization is of major importance for Israel and in the field of money laundering and terrorist financing it is like joining the OECD. Joining the organization will help improve cooperation with many countries on the intelligence level and legal assistance and it will allow Israel to set international standards and policies in the struggle against money laundering and terrorist financing.”
Published by Globes [online], Israel business news – www.globes-online.com