Israel bans use of cash for purchases over $1,760

TEL AVIV, 3rd August, 2022 (WAM) -- Israel has enforced a ban on cash for personal transactions over $4,400 and business transactions over $1,760.

The country will impose fines between 15 percent and 30 percent of the relevant transaction value on those who violate the law, according to i24 News of Israel.

The law is meant to fight financial crime by promoting the use of digital payments, which are easier to monitor.

Israel's Tax Authority has stated that the reform aims to fight organised crime, money laundering and tax evasion.

The $1,760 ceiling will be for transactions between a person and a business, while the ceiling for transfers between private individuals will be $4,400 instead of the current amount, almost $14,700, according to Israel's Globes.