The BBC writes that leaked documents involving $2 trillion dollars of transactions have revealed how some of the world’s biggest banks have allowed criminals to move dirty money around the world.
Corruption, fraud and tax evasion are still rampant in many nations and the world’s workforce is left paying the price. Governments increase taxes whenever such leaks are covered in the media. Will it be any different in the case of the FinCEN files?
Luckily it doesn’t have to stay this way because many Israeli fintech companies already have the tools available to help governments snuff out the criminals and terrorists their financial schemes.
As Israel’s Ministry of Economy and Industry puts it, featuring a NoCamels article:
“FinTech’ is a term you may have encountered in the tech news headlines and wondered what the connection is between finance, a sector heavily-burdened with century-old institutions, and technology, the constantly changing face of human innovation. In layman’s terms ‘FinTech’ involves the ability to carry out any number of financial services from the comfort of your computer or smartphone screen.”
“To lead in FinTech innovation, Israel has a number of advantages, including its small size, which acts as a great testing ground; very high mobile engagement among Israelis; and the big data skills learned in Israel’s elite army intelligence units, like the 8200 unit, known for its crop of future star entrepreneurs.“ I think the great advantage of Israeli FinTech is that there is a limited local market, which forces the local FinTech industry to focus on larger global markets,” says Yoni Assia, CEO and Founder of eToro, the social investment network that uses real-time features to let users follow and trade based on other users’ activities. “The payments, trading and Bitcoin systems that emerged in Israel are in general more global than those in other countries,” adds Assia. The “microcosm” of Israel represents a good trial market for global-geared financial startups that want to make sure that their technology really works before they launch it in the US, an economy 39 times the size of Israel’s.”