A new regulation by the Capital Market Authority will require Haredi charitable funds (gemachim) to expand their reporting on activity volumes and cash flow, and to appoint a senior official responsible for preventing money laundering and terrorist financing, N12 reports.
The Capital Market Authority has introduced a new regulation tightening oversight of Haredi charitable funds (gemachim), according to a report by N12's Lior Bacalu. The regulation requires gemachim to expand their regular reporting on activity volumes and cash flow, and to appoint a senior official responsible for preventing money laundering and terrorist financing. The initiative is part of a broader state effort to increase transparency in the sector, which has historically operated with minimal formal oversight. As The Zioneer reported earlier on Sunday, the regulation marks a significant step in bringing informal community lending networks under regulatory scrutiny.
2 developments
- DevelopingFinance Committee asked to transfer NIS 31 million to Haredi development authority before Knesset dispersal
- DevelopingFinance Committee to meet Wednesday for additional Haredi budget transfers, N12 reports
- DevelopingIsrael Securities Authority Raids Haredi-Focused Gold Mine Investment Firm
- DevelopingNew Haredi party chairman: Rabbis backing us, donors disclosed to state comptroller
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