Israel off list of non-cooperative countries in fight against money laundering
The Financial Crimes Enforcement Network (FinCEN) at the United States’ Department of the Treasury has withdrawn its Advisory 17, which urged American-based financial institutions to tak enhanced security measures regarding any business associations with Israeli financial institutions.
The advisory note has been withdrawn due to Israeli ministerial efforts to enact counter-money laundering legislation. “Because of the enactment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving Israel, as called for in Advisory 17, is no longer necessary,” a FinCEN release informed.
The advisory withdrawal has brought about the removal of Israel from the list of countries that are non-cooperative in the fight against money laundering. — (menareport.com)
© 2002 Mena Report (www.menareport.com)