A Legislative Bill Defining Serious Tax Offences as a Predicate Offence Under the Prohibition on Money Laundering Law was approved in the Israeli Knesset

 
|4/21/2016 |

A Legislative Bill Defining Serious Tax Offences as a Predicate Offence Under the Prohibition on Money Laundering Law was approved in the Israeli Knesset

On March 29, 2016, the proposed Bill for Increasing Tax Collection and Improving Enforcement (tools for enforcing tax payment and deterring money laundering), was approved by the Israeli Knesset.

  

The amendment establishes that performing a property transaction originating from a serious tax offense, property that was used or enabled the offence, or property with which the tax offences are made, could establish a criminal offense according to Article 3A or 4 under the Prohibition on Money Laundering Law, 2000.

 

 

Furthermore, the amendment implements a system for the exchange of information from the Israel Money Laundering and Terror Financing Prohibition Authority to the Israeli Tax Authority in order to prevent and investigate offences under the law.
The law will be enacted 6 months post publication.