At the end of a joint operation that lasted several months to locate entities engaged in providing financial services without a proper license, representatives of the Tax Authority, the Capital Market Authority, the Anti-Money Laundering Authority, and the Police raided dozens of financial service providers across the country this morning (Wednesday). These are businesses whose license applications were previously rejected by the Supervisor of Regulated Financial Service Providers at the Capital Market Authority, and who were suspected of continuing to provide financial services without holding an appropriate license.
This is a first-of-its-kind enforcement operation, which for the first time specifically focuses on locating entities operating in the field of providing financial services without a license. Some of the businesses visited by the authorities, according to suspicion, constitute an important component of the economic infrastructure of criminal organizations, and assist in committing tax offenses and money laundering.
The goals of the operation are to harm the funding sources of serious and violent crime in Israel and thereby reduce it, and at the same time to create a reliable, competitive market with a high level of compliance in the financial services world, and to ensure true tax collection and equality in the tax burden in Israel.
As part of the operation, several cases of unrecorded income, non-reporting to the tax authorities, and violations of the Cash Law in cumulative amounts of millions of NIS were discovered, and cash, checks, jewelry, and luxury vehicles were seized.
Dozens of employees from the Tax Authority participated in the operation, from the National Books Management Unit, the Unit for Combating Crime in the Arab Sector, regional Income Tax and VAT offices, VAT and Income Tax investigation offices, and the Crypto Unit.
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