Banking, Fischer Behar Chen Well Orion & Co updates

Israel

Contributed by Fischer Behar Chen Well Orion & Co
Law for the Reduction of Cash Use introduced
  • Israel
  • 11 January 2019

The Law for the Reduction of Cash Use, which came into force on 1 January 2019, imposes certain restrictions on the use of cash and cheques that do not name the payee. The law aims to reduce cash transactions in an effort to fight financial crime and money laundering and foster the use of more modern and efficient payment methods. Violation of the law may constitute a criminal offence, resulting in financial penalties and imprisonment.


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