NEW RESTRICTIONS ON CASH TRANSACTIONS IN ISRAEL

On 3rd January, Kenneth Rijock commented on the introduction from 1st January of restrictions on the use of cash in Israel which, he says, could lead to an outflow of illicit cash.  The restrictions – under the Law to Reduce the Use of Cash – are to be implemented in stages, so that eventually no cash payments for the equivalent of more than $3,000 will be allowed.  The move followed a 2014 report that urged the government to ban the use of cash for purchases, payment of wages, or other transactions over a certain limit, in the hope that the restrictions would reduce the amount of unreported transactions which evade tax authorities.

http://rijock.blogspot.com/2019/01/new-laws-in-israel-restricting-cash.html

http://www.israelnationalnews.com/News/News.aspx/257054

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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