Prohibition on Money Laundering Law (Amendment – Granting Supervisory Authority over Financial Service Providers to the Israel Money Laundering and Terror Financing Prohibition Authority) Bill

What does the bill do?

The proposal amends the Prohibition on Money Laundering Law (2000) and the Supervision of Regulated Financial Services Law (2016), in order to give the Money Laundering and Terror Financing Prohibition Authority supervisory powers parallel to those of the existing supervisor of financial service providers. The proposal states that the authority's commissioner will be a jurist or economist with at least seven years of experience, and will report directly to the head of the authority. In addition, the proposal regulates a structural separation between the authority's intelligence database and the supervision division, so that access to information will be only in accordance with the provisions of law. The proposal also amends provisions regarding the composition of sanctions committees and sets principles for cooperation and coordination between the various supervisors.