Israel flag with a view of old city Jerusalem and the KOTEL- Western wall

Israel approves Anti-money Laundering Crypto Law

A new anti-money laundering (AML) crypto legislation to monitor and regulate the transfer of earnings from digital assets investment into Israel’s banking system was signed into law on Sunday.

The government of Israel hopes this new approach will help prevent crypto-aided criminal activities such as money laundering and terrorism financing. Under this new law, virtual currency service providers (VASP) and fintech companies will be required to procure an operating license.

Related: Israel Defence Ministry confiscate digital wallets linked to Hamas

NEWSBSC Anti-money Laundering
Israeli money stack of the new Israeli money bills (banknotes) of 50, 100 and 200 shekel. New Israeli Shekel series C.

Globes, a local news platform, says the Israel Securities Authority, the Capital Markets, and also the Insurance and Savings Authority (Isreal’s financial watchdog) are currently reviewing license applications from different VASPs.

Before now, Isreal has been taking meaningful steps to control and combat the activities of criminals using digital currencies as a tool to commit crimes. The new anti-money laundering (AML) will further enhance those efforts.

NEXT: FATF set to release Anti-Money Laundering policy next week

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