Money laundering watchdog gives Israel all clear

The OECD Financial Action Task Force on Money Laundering will cease its money laundering monitoring of Israel

The OECD Financial Action Task Force on Money Laundering (FATF) will cease its money laundering monitoring of Israel, FATF's representative informed the Ministry of Justice. The move follows a decision taken at the FATF plenary meeting in Stockholm last week that Israel meets international standards for combating money laundering.

Ministry of Justice director-general Dr. Aaron Abramovich said in additional to the economic dangers that hang over countries on the FATF list of Non-Cooperative Countries and Territories (NCCT), Israel's inclusion in the list limited its ability to influence the creation of international anti-money laundering norms, particularly as they relate to the financing of terrorism.

FATF is currently preparing regulations to combat the financing of terrorism in cooperation with the IMF and World Bank.

Abramovich said that now that Israel has been removed from the NCCT list, it was acting to join international organizations setting international anti-money laundering norms.

Israel was removed from the FATF NCCT list in 2002, but until now the organization has continued to monitor developments there in the fight against money laundering.

Published by Globes [online] - www.globes.co.il - on October 9, 2003

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