Money Laundering Law Changes

The amendment to the Israeli Money Laundering Law (hereinafter; “the Law”), which was approved by the Knesset on December 4th and 5th, will take effect in the coming days. The amendment lowered the threshold for reporting any cash brought into or taken out of Israel, from NIS 100,000 to NIS 50,000. For land crossings, the threshold is NIS 12,000.

The amendment to the Law also changes the threshold for new immigrants. Prior to the amendment, an immigrant who entered Israel for the first time received a relief that required him to report only if he brought NIS 1,250,000 or more. According to the amendment, new immigrants will be required to declare at the time of their first entry into the country any amount that exceeds NIS 50,000 in cash. There is no general prohibition of bringing large amounts of cash into Israel, they simply must be reported at the customs crossing.

Violators of the obligation to report may be subject to criminal or administrative enforcement.

The content of this article is intended to provide a general guide to the subject matter and is not a substitute for legal consultation. Specific legal advice should be sought in accordance with the particular circumstances.