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      Archive: 11/14/2013
      14:00
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      News Brief

        11/14/2013, Kislev 11, 5774

      Ministry Cites Money-Laundering at Legal Money Changers


      At least 35% of the activity in legal money-changing outlets in Israel are involved in money-laundering, the Finance Ministry believes. Many of the outlets do not report all of their transactions, leading to the Ministry to suspect that the reason those deals are not reported is to hide them from tax authorities.

      The figure was provided by the Ministry as part of a letter accompanying a law that the Ministry is promoting that would allow criminal prosecution of businesses and individuals caught making such deals. Currently, such offenses are considered civil offenses, punishable by fines.