Joint Notice by the Bank of Israel, Ministry of Finance, and Israel Securities Authority

 Intensification of the struggle against entities aiding Iran's nuclear program


(Communicated by the Office of the Spokesperson and Economic Information, Bank of Israel)

The Chairman of the Israel Securities Authority, Prof. Shmuel Hauser, the Commissioner of Capital Markets, Insurance, and Savings at the Ministry of Finance, Prof. Oded Sarig, and the Supervisor of Banks at the Bank of Israel, Mr. David Zaken, (herein "the Regulators’") have published, each for the entities under their supervision, draft directives regarding the risks entailed in dealing with entities designated on international lists as aiding Iran’s nuclear program and programs related to it. The directives, coordinated between the regulators, are part of a range of steps being taken by the State of Israel in the context of its struggle against Iran’s nuclear program, in line with the Government’s decision on the matter on April 17, 2011.

The directives alert the regulated financial institutions – institutional entities, banks, and credit card companies – to the recent change in legislation on the matter, and to the lists that have been published by international entities. The lists include the names of entities that have been designated as maintaining prohibited connections with Iran. In addition, the directives establish that each regulated entity is to examine the level of existing exposure to these risks.

The goal of the directives is to increase the awareness of the regulated entities of the consequences of maintaining contact with entities whose names are included on the lists to which the regulators’ draft directives refer, due to their involvement with, or their aiding the advancement of, Iran’s nuclear program, and to ensure that they will adopt appropriate policies to deal with the risks entailed in that.

Each of the regulators will discuss the directives with the entities under their supervision, and final directives will then be formulated.