Financial Crime World

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Israel Cracks Down on Money Laundering with Advanced Detection Tools

TEL AVIV - Since being listed as a “non-cooperative” nation by the OECD Financial Action Task Force (FATF) in 2000, Israel has made significant strides in combating money laundering and terrorist financing. The country’s efforts have led to the confiscation of over $25 million annually, according to recent figures.

Israel Money Laundering and Terror Financing Prohibition Authority (IMPA)

At the forefront of Israel’s anti-money laundering efforts is IMPA, established in 2002. IMPA is responsible for monitoring and analyzing financial intelligence data from reporting institutions, government agencies, and peer Financial Intelligence Units worldwide.

  • Works closely with national law enforcement authorities, including:
    • Israel Police
    • Israeli Tax Authority
    • State Attorney’s Office
    • Banking regulators
  • Collaborates internationally with equivalent FIUs to share information and best practices in combating financial crimes

AML Regulations

Israel’s AML regulations are designed to provide authorities with a robust toolkit to combat severe and organized crime while conforming to global standards set by the FATF. The Prohibition of Money Laundering Act, passed in 2000, requires financial institutions to conduct customer due diligence and ongoing monitoring of client activities.

  • Criminalizes offenses related to money laundering
  • Provides administrative and judicial measures to combat terrorist financing

Virtual Assets Regulations

More recently, Israel has also implemented regulations governing virtual assets, including:

  • Definition of “virtual currency” as a digital value unit traded or transferred digitally for payment or investment purposes
  • Regulatory framework for the use of virtual currencies in financial transactions

Global Recognition

The country’s efforts have been recognized globally, with IMPA becoming a full member of the FATF in December 2018. The organization’s advanced detection tools and collaborative approach to combating money laundering and terrorist financing have helped Israel maintain its position as a leader in the global fight against financial crimes.

This article highlights Israel’s significant progress in combating money laundering and terrorist financing, demonstrating its commitment to conforming to global standards set by the FATF.