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Israel Weak on Beneficial Owners, Non-bank AML, Says Watchdog
printIsraeli anti-money laundering regulations fail to address gaps in identifying beneficial owners and threats to non-bank financial institutions, a global watchdog group said Wednesday. The overall threat of money laundering and terrorist financing in Israel is "considerable," with more than $5 billion in illicit proceeds generated nationally through illegal drugs, gambling, extortion, fraud and human trafficking, said Moneyval, in a 226-page report. Criminals involved in the suspected laundering often hailed from the former Soviet Union, United States and European Union, and utilized a maze of offshore shell companies and bearer shares to obscure beneficial owners, said Moneyval, an organization that...
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