Transactions Involving Israel (Advisory Withdrawal - Issue 17A)

FinCEN Advisory
Subject:
Transactions
Involving
Israel
Date:
July 2002
Advisory:
Issue 17A
United States Department of the Treasury
Financial Crimes Enforcement Network
This Advisory is being issued to inform banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 17, regarding the State of Israel, is hereby withdrawn. Since the issuance of Advisory 17, Israel has enacted significant reforms to its counter-money laundering system, addressing the points noted in Advisory 17, and has taken concrete steps to bring these reforms into effect. Because of the enact￾ment of new laws and the beginning of effective implementation, enhanced scrutiny with respect to transactions involving Israel, as called for in Advisory 17, is no longer necessary. Israel now has in place a counter-money laundering system that generally meets international standards, as reflected in the June 21, 2002 decision of the Financial Action Task Force on Money Laundering to remove Israel from its list of countries that are non-cooperative in the fight against money laundering. The withdrawal of Advisory 17 does not relieve institutions of their pre-existing and on-going obligation to report suspicious activity, as set forth in regulations issued by FinCEN and by the federal bank supervisory agencies, as well as their obligation to comply with all other applicable provisions of law. FinCEN Advisory is a product of the Financial Crimes Enforcement Network, Department of the Treasury, Post Office Box 39, Vienna, Virginia 22183. For more information about FinCEN’s programs, visit the FinCEN web site at http://www.fincen.gov. General questions or comments regarding FinCEN publications should be addressed to the Office of Communications, FinCEN, (703) 905-3773. Information may also be faxed to (703) 905-3885. James F. Sloan Director WITHDRAWAL