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Jerusalem, 21 October 2001
Israel to take necessary steps to report and seize terrorist assets
(Communicated by the Minister of Justice's Media Adviser)
Justice Minister Meir Sheetrit today (Sunday), October 21, 2001, at the
weekly Cabinet meeting presented the following proposals which
were accepted by the Cabinet:
1. Immediately take the steps necessary to cooperate with the
government of the United States in its struggle against
terrorism, specifically the implementation of US President George
W. Bush's executive order of October 24, 2001 regarding the reporting
and seizing of terrorist assets (see
http://www.whitehouse.gov/news/releases/2001/09/20010924-1.html).
2. Justice Minister Sheetrit will examine whether or not the
necessary laws exist to allow implementation of the foregoing,
and if not, will initiate the necessary legislative changes.
3. Justice Minister Sheetrit will consult with Bank of Israel
Governor David Klein regarding the necessary legal changes
regarding the implementation of the decision in the banking
system.
In order to implement the aforementioned US President's executive
order, the US Federal Reserve Board instructed US banks to
ascertain whether the persons and/or groups cited in the order
were among their customers, held assets with them or had used
them to carry out financial transactions. The banks were
requested to report back to the US authorities and freeze any
assets belonging to the persons or groups listed in the executive
order. The USFRB instruction was also sent to the US branches of
the various Israeli banks along with a request that their parent
banks in Israel also act accordingly. It was against this
background that the Cabinet adopted Minister Sheetrit's proposals.
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