Israel Cracks Down on Currency Exchanges to Track Evaders (1)

Nov. 14, 2018, 1:33 PM

Israeli currency exchanges, check-cashing offices and agencies exchanging bills and notes for cash will have to file detailed reports identifying customers involved in transactions totaling more than 50,000 shekels ($13,545) within a 30-day period.

The providers must report the full details, including the names and addresses of customers, directly to the tax authority. Clients will be required to identify themselves formally, with their identity document number, name and address, or similar official documentation for foreigners.

The regulations—approved by the Knesset parliament’s Constitution, Law and Justice Committee Nov. 13—relate to a law approved in 2013, but which was held ...

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