The Israel Tax Authority and the country's diamond controller urged Israel's diamond traders to declare cash transfers made upon entering or exiting the country. This follows a number of recent cases of cash smuggling in the country.

“We remind all diamantaires to strictly follow the instructions given to prevent punishment by law,” said diamond controller Shmuel Mordechai. He noted that Israel does not tax cash brought in and out of the country, rather that the declaration is required by international agreements to prevent money laundering.

Avi Ardity, deputy director of investigations at the Tax Authority, explained these agreements enabled the international community to cut the funding of terror and crime organizations. 

Ref: <a href="http://www.diamonds.net/news/NewsItem.aspx?ArticleID=31088">Diamonds News</a>