In a strategic move to combat illegal activities, Prime Minister Benjamin Netanyahu has initiated discussions to limit precious metal ownership in Israel. This comes as part of a broader effort to curb the circulation of black market currency. Which has been linked to various criminal activities.
A meeting involving key financial figures, including Finance Minister Bazalel Smothrich and Bank of Israel Governor Prof. Amir Yaron, will explore measures to restrict private ownership of significant quantities of cash alternatives like gold, silver, and coins.
The proposal emphasizes need to limit precious metal ownership as a means to deter illicit financial flows. By imposing restrictions, government aims to generate greater transparency in financial transactions. Thus minimizing the chances of these assets being use for unlawful purposes.
Additionally, discussions include phasing out the 200-shekel banknote, largest denomination in circulation, to further disrupt black market operations.
Economists estimate that by effectively addressing issue of black market money. Israel could potentially increase its tax revenues by an impressive $24 to $31 billion by 2030.
The proposed plan allows for a limited timeframe for exchanging 200-shekel notes, aimed at preventing criminal organizations from disposing of large amounts of cash without scrutiny.
Furthermore, officials will implement a voluntary disclosure campaign, giving tax evaders the opportunity to come forward and declare previously unreported income without facing prosecution.
This initiative aims to encourage individuals, including criminals, to deposit or exchange cash at banks. Which helps authorities track the source of funds more efficiently.
Ultimately, the objective is to drastically reduce cash usage in Israel while promoting bank transfers. And credit card transactions, making it easier for government to monitor & combat illicit financial activities.
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