In October 2014, the Israeli Government adopted the recommendations of the committee for reducing the use of paper based currency, which was appointed in order to examine the problems resulting from the use of cash and other bearer currencies, as well as negotiable checks, and to establish a course of action to reduce the use of these means as currencies, in order to decrease the phenomenon of black economy in Israel, to fight crime and money laundering.
Further to this, on July 22, 2015, a government bill for reducing the use of cash was published. Alongside the arrangements regarding limiting the use of cash, the bill also includes indirect amendments to the Anti Money Laundering Prohibition law of 2000, regarding currency service providers and the Antitrust Law of 1988, with regard to determining interchange fees for debit card transactions.
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