There is a lack of uniformity and wide differences among Israeli financial institutions with regard to fighting money laundering. Banks comply with international anti-money laundering standards, but other financial institutions are not in compliance, states a report by Moneyval, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, a unit of the Council of Europe.
This is due in part to the different regulators overseeing different parts of the financial sector the - Bank of Israel, Ministry of Finance, Israel Securities Authority, and the Ministry of Communications (which overseas Israel Postal Company Ltd. and the Postal Bank).
The Moneyval report is based on a visit by five money laundering experts to Israel in November 2007. The delegation met with several top financial and law enforcement officials, including Governor of the Bank of Israel Prof. Stanley Fischer, Supervisor of Banks Rony Hizkiyahu, State Prosecutor Moshe Lador, as well as officials from the Israel Police, Israel Tax Authority, the Israel Money Laundering Authority, and persons from the private sector.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008