Monthly Archives: July 2015

Anti money laundering – no more secrets

“If you reveal your secrets to the wind, you should not blame the wind from revealing them to the trees” (Khalil Gibran)

Over the past few years, we have grown accustomed to the fact that a regular visit to the bank has become an interrogation, the likes of which the Spanish inquisition would not be ashamed of.  This trend is soon to be expanded for the Israeli public.

 

From September 1st 2015 Israeli lawyers and accountants will also be required to perform due-diligence and examination of their clients on behalf of the money-laundering authorities. This new law, passed in November 2014, is a vital part in Israel’s effort to be considered tier A in anti-money laundering policy. The small respite gained by an energetic struggle on behalf of the industry by the IsraelBar Association is that there will be no reporting requirements to the AML Authority; the level of lawyer-client discretion should remain intact.

 

Lawyers and accountants will, however, be required to view the transaction from an AML perspective and refrain from representation should there be a reasonable doubt as to the ethics of the transaction. They will also be required to store the information they accrue, either physically or digitally.

 

Have we forgotten what we set out to achieve?

 

The Anti money laundering acts of the beginning of the century were enacted to reduce the rate of crime in the world, by restricting the flow of funds from criminal activities. After this came the anti-terrorism financing acts with the same goal but relating to terrorist activity. These laws were a self-certificate of failure of the law-enforcement authorities, stating that they cannot achieve their goal without the assistance of the business sector. After 15 or so years we should be seeing whether all these processes and changes are indeed effective. Has worldwide crime reduced? Studies show that this is not the case. Has terrorism been curbed? We do not need studies to see that terrorism is only on the rise.

 

What has happened is that Anti-money laundering regulations, originating as an ends to a truly justified means, has instead become a means in itself; the focus on AML has blurred our vision of the true issue.

Instead of seeing this point and returning to the drawing board to find other creative solutions to solve the real issues, the authorities are immersing themselves deeper into the extraneous to avoid having to actually resolve that which they set out to achieve.


Charity Review: One Family Fund

ProfileFinancialsBudget
Name of Organization One Family
Corporate # 580382620
Date of Incorporation 2001
Tax clause 46 Ö
Address 28 Rachel ImeinuJerusalem
Certificate of proper management Ö
Phone # 09-7701222
Website: http://www.onefamilytogether.org.il/
Email: info@onefamilyfund.org.il
Board Members Naomi Nevies
Larraine Harris,
Marion Diner
Andrew Alexander
Lauren Breslauer
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From Gadera to Chadera

From Gadera to Chadera

Many countries have peripheral borders and colloquial inner borders. In The States, there are those who see the Tri-States as the core area of the country. In the UK the divide may be between the inside and outside of the M25. In Israel, the internal borders are “between Gadera and Chadera”
Gadera, a town first mentioned in the Book of Joshua, re-erected by the Bilu movement in 1884, now boasting a population of 25,000, lies 35 kilometers South of Tel-Aviv.
It’s synonym Chadera, established by the first Aliya in 1891, 47 kilometers north of Tel-Aviv, brags a population of 85,000. Chadera is named for the Arabic word Chudera, meaning green. The green of Chadera however is rapidly being replaced by the grey of concrete as the city’s population grows by 2-2.5% a year.
The main stimulus behind this sudden growth in size and popularity was the building of the route 6 highway, which passes in close proximity to the city, making Tel-aviv but 20 minutes away. 7 minutes from the sea, modern public services and successful industries has transformed the town once renowned only for its three smoking chimneys into a modern metropolis for Israeli middle class. Chadera has not passed up on the recent Aliya from France, and many new immigrants have noticed the potential of the city, building new communities and centers.
A four room apartment can still be purchased for around the 1 million shekel mark, and with prices at about 11,000 per square meter, this still offers more value than many of Chadera’s southern neighbors.  Rent yields are still slightly higher than the larger cities in Israel (4.5-5%), however these tend to average out after the first bout of buyers. Private homes can still be obtained, with prices ranging from 1.8-2.2 m NIS.