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(LifeSiteNews) — As of Monday, Israel banned the use of cash for payments above $1,700 to businesses and for payments above $4,360 between private citizens.
The new law, which Israel’s Tax Authority says is designed to fight money laundering and tax non-compliance, requires that digital payments and credit cards be used instead of cash and bank checks for sums of money above the new limits, The Jerusalem Post reported.
Transactions will be considered private if they occur between citizens “who are not listed as business owners,” according to the Post.
Previously, business deals could involve cash payments of up to $3,200.
“We want the public to reduce the use of cash money. The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out,” Tamar Bracha told The Media Line. Bracha is charged with implementing the
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