The Financial Action Task Force (FATF) has announced that Israel will join the organization as an observer starting June 2016.
The admission is a significant step in the application process for joining the prestigious group, which sets the global rules for combating money laundering and terror financing. Joining the authority will allow Israel to participate in shaping global policy and position it as one of the leading countries in the international fight against money laundering and terror financing. Also, the announcement is to support the Israeli economy by providing the country an unofficial stamp of approval for its financial sector.
Israel’s Money Laundering and Terror Financing Prohibition Authority chief Dr. Shlomit Wagman-Ratner said: “The decision to accept Israel into the FATF – an important, prestigious, and influential group – reflects the contribution of Israel to the global fight against money laundering and terror financing and signals that Israel is a leading country with expertise in the sector.”