Israeli Prime Minister Benjamin Netanyahu is exploring measures to limit citizens’ rights to own precious metals as part of a broader initiative to combat financial crime. A report from Ynetnews.com indicates that Netanyahu has convened key officials, including Finance Minister Bazalel Smotrich and Bank of Israel Governor Amir Yaron, to discuss strategies for reducing black market currency circulation in Israel.
One significant proposal involves banning private ownership of large quantities of cash alternatives such as gold, silver, and valuable coins. Economists estimate that effective action against the black market could boost Israel’s tax revenues by $24 to $31 billion by 2030.
Additionally, Netanyahu’s plan includes phasing out the 200-shekel banknote, the largest denomination currently in circulation, to prevent criminal organizations from disposing of cash. Citizens would have a limited time to exchange these notes, promoting transparency in financial transactions.
The initiative also features a “voluntary disclosure” campaign, allowing tax evaders to report previously unreported income without facing prosecution. This aims to encourage individuals to deposit or exchange cash at banks, making it easier to trace the source of funds.
In the medium term, the proposal seeks to significantly reduce cash usage in favor of digital transactions, enabling better tracking of illicit activities. Other measures under consideration include expanding income reporting obligations, launching a coordinated enforcement program involving various agencies, and utilizing artificial intelligence to identify tax evaders.
This comprehensive strategy underscores the Israeli government’s commitment to addressing financial crime and enhancing tax compliance.
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