According to reports, the Israeli Finance Minister, Silvan Shalom has requested the assistance of the United States in securing the country's removal from the FATF blacklist of countries deemed 'unco-operative' in the fight against money laundering.
New regulations to counter money laundering came into effect in Israel on Sunday, and the country is keen to secure removal from the FATF list this summer, rather than wait until the following FATF meeting, scheduled for October. Consequently, Mr Shalom suggested to US Treasury Secretary, Paul O'Neill that the visit of an international delegation due to assess Israel's anti-money laundering progress could be brought forward to May, a proposal to which Mr O'Neill was reportedly amenable.
In addition to the provision of anti-money laundering assistance, the Israeli Finance Minister was also seeking during his visit to America to improve co-operation over tax issues between the two countries. During his meeting with the Treasury Secretary, Silvan Shalom asked for US assistance in joining the OECD, and the two men agreed to update a bilateral tax treaty originally signed in the 1970s.
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