Israel Issues Warning on Arab Nations Connected to Terrorist Financing

Israel’s Authority for the Prohibition of Money Laundering and Terrorist Financing distributed a clarification regarding the list of countries and territories at risk as stipulated in the money laundering prohibition orders.

The list includes the “Council of the United Arab Emirates,” and the members of the Gulf States Council, also known as the GCC (Gulf Cooperation Council) which brings together the following six countries in the Gulf: Kuwait, Saudi Arabia, the United Arab Emirates, Oman, Bahrain and Qatar.

In accordance with the published clarification, the obligations imposed regarding the list of countries at risk, including the obligation to report certain operations in an amount equivalent to 5,000 Shekels ($1,340) or more, refer to these countries as well. The obligation to transmit reports regarding these countries will apply to operations carried out from August 2024 onwards. It is mandatory to submit retroactive reports arising from actions that took place in the period prior to this date.