Client Update | Law for Reducing the Use of Cash, 2018
5 April 2018
On March 18, 2018, the Law for Reducing the Use of Cash, 2018 (the “Law”) was published in the Official Government Gazette (the “Gazette”). The Law is intended to limit the use of cash, as a way to fight crime and money laundering, and to enable the use of advanced and efficient means of payment. The Law sets out a number of prohibitions and restrictions on the use of cash and checks, distinguishing between transactions to which a dealer (any person who sells an asset or provides a service during the course of his business) is a party and transactions between private individuals.
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