On 29 March 2016, the Constitution, Law, and Justice Committee of Israel's Knesset (parliament) approved legislation making intentional tax evasion a predicate offense of money laundering. If approved by the full Knesset, it would result in greater penalties for tax evasion, including prison sentences of up to 10 years and the possible confiscation of assets. The greater penalties would apply for income tax evasion exceeding ILS 1 million in a single year or ILS 2.5 million over four years, as well as underpayment of value added tax exceeding ILS 170,000 in a single year or ILS 480,000 over four years.