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Israeli Law Requires Diamantaires to Report Cash Transactions

May 10, 2012 5:54 AM   By Deena Taylor
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RAPAPORT... Israel's Knesset law and justice committee has approved a second and third reading of a bill that would require diamond and gemstone dealers to report any cash transactions to authorities in order to prevent money laundering and financing of terrorist activities, according to a notice from the committee.

If the law is amended and approved, dealers will be required to keep records of all cash transactions and inform authorities of any cash transactions in excess of NIS 50,000, or about $13,000. By comparison, the U.S. requires recording and reporting of all cash transactions of $10,000 or more. Israeli dealers will also be required to report any suspicious transactions, even if the amount is less than NIS 50,000. The existing law does not obligate diamond dealers to disclose any of their transactions.

However, this law is expected to take effect at any time from six months to two years from now and will be implemented by the Ministry of Industry, Trade and Labor. The ministry will announce the conditions governing diamond and gemstone trade applying to the law in the near future. 
Tags: Deena Taylor
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