Ever at war with redundancy in government, the Finance Ministry is proposing that the investigative departments of the ministry, the Israel Securities Authority and the Bank of Israel's banks supervisory department be united into a single body. Its own investigative unit is run by the commissioner of insurance.
At present only the Israel Securities Authority is empowered to run an actual criminal investigation. What the treasury is proposing, in essence, is to expand that division's powers and turn it into an agency that will investigate all white-collar crime.
The proposal is formally being promoted by Deputy Finance Minister Yitzhak Cohen, but the idea originated with the Bank of Israel. Treasury officials argue that together with the establishment of a court for white-collar crime , having a central criminal investigation department for finance-related crime would give enforcement real teeth.
While about it, the treasury suggests uniting the ombudsman function for the three watchdogs (insurance, securities, banks).
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