Israel becomes 38th member of int’l anti-money laundering body

The Financial Action Task Force (FATF), a leading organisation in global combat against money laundering and terror financing, has accepted Israel as its 38th member, Israeli Ministry of Justice said on Monday.

The decision to include Israel was approved after a comprehensive audit by the organisation in the Jewish country over the past year.

According to the audit report, Israel is one of the three leading countries in terms of the effectiveness of the fight against money laundering and terror financing, along with the U.S. and Britain.

Israel also stands out in favour of the policy of forfeiting money derived from crime.

Between 2013 and 2017, for example, Israel confiscated or seized an annual average of 24.6 million euros (28 million dollars), the report said.

This is a significant achievement for Israel as the country was on the organisation’s blacklist 16 years ago.

According to the ministry of justice, the admission to the FATF will improve Israel’s international status and financial capabilities, while making it a more attractive place for investment.

The FATF, an inter-governmental body established in 1989, currently consists of 36-member jurisdictions and two regional organisations, representing most major financial centres worldwide.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. (Xinhua/NAN)

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