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To fight crime and tax evasion, Israel may go nearly cashless

An Israeli government panel recommended Monday that cash transactions between businesses will be limited to 5,000 shekels ($1,436) under Israel’s plan to fight money laundering and tax evasion, a government panel announced Monday.

Harel Locker, left, director-general of the prime minister’s office, said Israel was likely to collect up to 50 billion shekels ($14 billion) from the initiative, or nearly 20 percent of the country’s annual budget, Reuters reported.

“This is a lot of money and we want this money,” Locker told reporters. “We want to be a leading country in the battle against tax evasion and money laundering.”

The government panel headed by Locker charged with turning Israel into a cashless society issued its interim recommendations Monday.

The new rules would also limit the use of checks.

Private citizens will be allowed cash deals of 15,000 shekels ($4,300)

Locker said some of the money in cash transactions is being laundered and used by organized crime and terrorist groups.

“Cash and cash equivalents are the fuel of the black economy,” according to Locker, whose committee was appointed by Prime Minister Benjamin Netanyahu.

After another round of hearings, Locker’s committee will issue final recommendations, which could take a couple of months.

The recommendations will require parliamentary approval.

Locker expects the law to be approved by the end of the year.


Julie DiMauro is the executive editor of FCPA Blog and can be reached here.

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1 Comment

  1. Good for government. Not so good for liberty, perhaps.

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