On 13th March, Baker McKenzie reported that Israel’s parliament has passed a law that limits the amount of cash in the economy in an effort to fight against dirty money, economic crime and money laundering. The World Bank in 2010 said Israel’s so-called shadow economy was equal to 22% of economic output. The new law imposes a limit of approximately $3,197 on cash transactions made with businesses, which could be further reduced by the finance minister in 2020. Cash deals between private individuals, such as buying a used car, will also be limited to around $14,500, a level that also may be lowered considerably.
http://www.riskandcompliancehub.com/israel-passes-law-to-limit-cash-deals-to-fight-economic-crimes/
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