Israeli Prime Minister Benjamin Netanyahu is considering limiting citizens' rights to own precious metals as part of a comprehensive series of reforms aimed at helping to combat financial crimes. According to Ynetnews.com, the Prime Minister has asked government officials to begin exploring measures to restrict the circulation of black market currency in order to curb illegal activities in Israel.

The report states that Netanyahu has called for a meeting with Finance Minister Bezalel Smotrich, Bank of Israel Governor Amir Yaron, Prime Minister's Office Director General Yossie Shelley, and senior officials from the Tax Authority and the Arab community's anti-crime task force.

One of the proposals is to ban private ownership of large cash substitutes, such as gold, silver, and valuable coins. Economists suggest that by 2030, Israel could increase tax revenues by $24 to $31 billion by taking effective measures to combat black market funds.

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Netanyahu also asked the organization to consider phasing out the 200-shekel banknote, the largest denomination in circulation in the country. Under the plan, citizens would exchange 200-shekel notes within a short period to prevent criminal organizations from disposing of this money.

Citizens can also take advantage of the "voluntary disclosure" campaign, which will allow tax evaders to avoid prosecution by declaring previously unreported income.

The report states that these measures aim to force tax evaders and other criminals to deposit money in banks or exchange cash so that banks can identify the sources of funds.

As an intermediate goal, the proposal also seeks to significantly reduce the use of cash in Israel and shift to bank transfers or credit cards, which will enable the government to better track illegal transactions.

Other measures under the proposed plan include expanding citizens' income reporting obligations, launching a joint law enforcement plan involving all relevant agencies (including the Tax Authority, Anti-Money Laundering Authority, police, prosecutor's office, and Counter-Terrorism Economic Warfare Headquarters), using artificial intelligence to identify tax evaders, and strengthening supervision over non-bank financial entities, including currency exchange providers.