The Prohibition on Money Laundering Law, 5760-2000 was enacted by the Israeli Knesset on 2 August 2000. The law establishes the Israel Money Laundering and Terror Financing Prohibition Authority functioning as Israel's FIU.
The Law, among other things:
- establishes criminal offenses with respect to money laundering;
- imposes identification, record retaining and reporting obligations on providers of financial services;
- establishes financial sanctions for failure to comply with these;
- mandates the establishment of an administrative Financial Intelligence Unit to manage the data warehouse of reports received under the Law from different entities;
- responsible for receiving, analyzing obtaining and disseminating information which relates to the offenses specified in the second schedule of the law.
