Israel becomes a full member of Financial Action Task Force (FATF)

Israel has recently become a full member of the Paris-based Financial Action Task Force (FATF), the global financial watchdog on money laundering, terror financing and other threats to the international financial system. The FATF is empowered to ensure that financing of UN-designated terrorist organisations is blocked. It has the power to publicly name countries not abiding by its norms, making it difficult for such countries to source financial flows internationally. Now, FATF has 38 members, including all five permanent members of the Security Council, and countries with economic influence.