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Israel Crackdown on Gambling Money

24 December 2003

ISRAEL – As reported by the Globe: "Hebrew daily 'Yediot Ahronot' reports that Supervisor of Banks Yoav Lehman will require the banks to report cash transactions larger than NIS 50,000 (US$11,478) from January 1, 2004. Until now, the banks had to report cash transactions larger than NIS 200,000.

"The order applies to deposits of checks, bank transfers, cash withdrawals, and similar transactions.

"…The lowering of the reporting threshold is intended to help identify money from tax evasion, as well as from criminal activity such as gambling and prostitution.

"The new technical regulations on identifying messengers, verifying signatures on forms, defining account beneficiaries more precisely, and other matters will also come into effect on January 1…"

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