Indirect business connections with Iran are illegal, after the Knesset Law, Constitution and Justice Committee authorized a Finance Ministry regulation on Tuesday.
“Precisely in these days, when the nations of the world are captivated by Iran’s false charm, it is important to harshly punish anyone who profits, even indirectly, from trade with our enemies,” Law, Constitution and Justice Committee chairman David Rotem (Likud Beytenu) said.
According to the regulation, a special ministerial committee will be able to declare a foreign entity as aiding Iran’s nuclear program.
In addition, the committee can decide if a foreign corporation has direct or indirect business connections with Iran.
Any Israeli business interactions with these entities is a criminal offense carrying a three-year prison sentence and a NIS 900,000 fine, which is doubled if the offense is by a corporation.
The regulations were added to the existing law prohibiting direct business connections with Iran, and is to go into effect in the coming weeks.
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