On 23 September 2009, Moneyval adopted Israel's first year progress report, despite reservations by several states due to the lack of internal legislation to apply the Prohibition on Money Laundering Law, 5760-2000[1] to lawyers and accountants.
Moneyval is in international organization that ensures that member states have effective systems in place to counter money laundering and terrorist financing in compliance with the relevant international standards in these areas. In January 2006, Israel was granted the status of "active observer" by the Committee of Ministers of the Council of Europe. As an active observer, Israel participates in the Moneyval evaluation process. These evaluations review internal practices dealing with efforts to combat money laundering and financing of terrorism.
The adoption of the Israel's progress report demonstrates international recognition of Israel's efforts to fight money laundering and financing of terrorism in compliance, by and large, with international standards.