Tough regulations against money laundering, terror financing among lawyers approved

By
November 17, 2014 23:19

The Knesset Law, Constitution and Justice Committee on Monday approved a regulation to impose certain new requirements on lawyers and accountants in order to combat money-laundering and terror financing.

The regulation is designed to bring the state in line with the highest international standards and to prevent use of lawyers and accountants offices who provide financial-related services from serving as tools for laundering funds while conducting purchases or sales of property, setting up corporations and managing other assets.

The Director of the Justice Ministry Anti-Money-Laundering and Anti Terror-Financing Division, Paul Landes recognized the positive development, but added that additional reporting obligations would need to be imposed on lawyers and accountants to fully comply with international standards.

He added that failure to impose such obligations could expose the state to international criticism.


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