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Israel joins 'FATF' anti-terror financing organization

Dec. 10, 2018 3:31 P.M. (Updated: Dec. 12, 2018 10:56 A.M.)
JERUSALEM (Ma'an) -- Israel became the 38th member of the Financial Action Task Force (FATF), an global inter-governmental body set up to combat money laundering, terrorist financing and other threats to the international financial system, on Monday.

Israel is a member in FATF alongside 37 other members, including most of the G20, the world’s 20 leading industrialized and emerging economies, just 16 years after being blacklisted by the organization.

The Israeli Justice Ministry said that based on a FATF compliance report on Israel, it ranked as one of three leading states, alongside the United States and the United Kingdom, for the effectiveness of its anti-money laundering apparatus, its battle against terror financing, the work of its Money Laundering and Terror Financing Prohibition Authority, and its policy of seizing the financial proceeds of crime.

The Israeli Justice Minister Ayelet Shaked spoke during a press conference, “Joining the organization is a national achievement on a political level, contributing to Israel’s ability to fight terrorist financing internationally, and strengthening the Israeli economy.”

Shaked added, “The FATF membership labels Israel as an attractive country for international investment and improve the status of the Israeli financial sector and its ability to operate in the global economy.”

FATF President Marshall Billingslea said, “Membership in FATF opens a new chapter for Israel and will enrich FATF as an organization.”

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