The little known truth is that this decree from the Israeli Rabbinate was done as retrobution against the Orthodox Unioin of Rabbis (OU) because the OU removed the Smicha of a Rabbi caught sexually extorting women who came to him for a Get. This Rabbi was the grandson of a prominent, well respected Rabbi and the Israeli Rabbinate thought that his heritage should have redeemed him. Clearly the OU did the right thing but they are now paying the consequences for it...
Australia's most dangerous Islamic State operative killed in U.S. strike (AP)
from the article: Rabbinate no longer recognizes overseas conversions