August 31, 2016
The Supreme Court of Israel issued an interim order preventing the State of Israel from transferring personal financial data to the United States Internal Revenue Sevice. The State of Israel intended to begin to transfer of the information on September 1, 2016.
On August 8, 2016, Republicans Overseas Israel filed an amended petition in the Supreme Court sitting as a High Court of Justice against the new FATCA law adopted by the Knesset on July 12, 2016. Pursuant to the new law, the Israeli Tax Authority will transfer all personal and private financial information of American citizens and residents to the United States at the push of a button. Absent the Supreme Court’s intervention the transfer would have begun the next day. A hearing on the petition has been set for September 12, 2016.
Here is what you should know: (Documents are in PDF format)