The Constitution, Law and Justice Committee on Tuesday unanimously agreed to lower the reporting requirements for physical transfers of cash from Israel to Gaza from NIS 100,000 to NIS 12,000.
The decision was made in order to crack down on money laundering; the reporting requirement for cash transfers between Israel and most other international locations remains NIS 100,000…
The new cut-off level for reporting requirements will now be identical to the stricter level until now only in force for transfers of cash between Israel and the West Bank. Whereas the Gaza crossing has been governed by a 2000 money-laundering law that applies to most international crossings, the West Bank has been governed by a special 2003 military order issued by the IDF commander with responsibility for the West Bank.
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