Archive for February, 2016

FATF grants Israel observer status

Friday, February 26th, 2016

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.”

Angola removed from Money Laundering Blacklist

Saturday, February 20th, 2016

The Financial Action Task Force (FATF) has removed Angola from its blacklist of jurisdictions that fail to meet international standards.

The FATF added this southern African country to the list in 2010. The Angolan central bank said the FATF’s decision came after the country implemented reforms that included licensing of banks and setting up a Financial Intelligence Unit, which collects information on suspicious or unusual financial activity.

The removal is expected to improve the credit quality and financial institutions of Angola.

Last year, the risk of financial crime and difficulty in monitoring clients forced Standard Chartered to announce it had ended its dollar-clearing operations with commercial banks in Angola. Bank of America also stopped selling Angolan banks the greenback from the beginning of December 2015.