The prestigious Financial Action Task Forces, which develops and promotes global policies to combat money laundering and terrorism financing, is considering including the State of Israel as a member.
A high-level delegation of the Financial Action Task Forces (FATF) is in Israel this week to examine the country’s eligibility to join as a full member.
FATF is an intergovernmental body established in 1989 to set standards and promote effective implementation of legal, regulatory and operational measure for combating money laundering, terror financing and other related threats to the integrity of the international financial system.
The organization, which includes 34 countries as members, publishes recommendations and confirms their implementation through evaluation processes.
Israel is currently an observer in Moneyval, a FATF-style regional body. Upgrading Israel to full membership in FATF would allow the country to make an impact on the organization’s agenda and would have a positive effect on the international standing of Israeli financial institutions.
Dr. Karnit Flug, governor of the Bank of Israel, stressed the importance that Israel places on becoming a member and its commitment to advancing the standards regarding the combating of money laundering and the financing of terrorism.
Dr. Hedva Ber, Israel’s chief banking regulator, emphasized the priority that the Banking Supervision Department places on meeting international FATF requirements. She noted that this effort was valued in audits conducted by Moneval since 2008, which indicated Israel’s proper compliance with global standards.