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Israel was granted observer status at the International organization for combating money laundering

The international organization for laundering of illicit capital (FATF) has announced that Israel will receive the status of observer at the organization since June of 2016.

The decision was made after last week’s discussion, which was preceded by visits to Israel by high-ranking employees of the organization from South Korea, the UK, Spain and Italy.

This will be an intermediate step towards full membership in the organization, in which Israel was invited back in August 2014.

The status of full member of the FATF, Israel will receive only after passing inspection international inspection Commission, and making some significant changes to the legislation.

The organization of the FATF was created in 1989 by decision of the group of seven countries. It is engaged in the standardization of measures to combat the laundering of illegal capital and the financing of terror.

Members of the organization are 34 countries – 18 European countries, USA, Canada, Mexico, Argentina, Brazil, India, China, Russia, Japan, South Korea, Singapore, Australia, New Zealand, South Africa, Turkey and Hong Kong.

To date, the organization has developed 40 recommendations that represent the full set of measures for the introduction in each country of an effective system of combating money laundering and nine recommendations on combating the financing of terror.

Official submission of Israel to join FATF was filed in may 2012 in conjunction with a number of other countries. At the moment, was satisfied only by the Israeli application.

The Israel’s entry into the FATF should not only raise the status of the state, but also to increase cooperation with other countries in the collection and analysis of information, and open access to international legal aid in the suppression of the financing of terrorism and the laundering of capital.




Israel was granted observer status at the International organization for combating money laundering 23.02.2016

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