Jerusalem - Israel’s parliament passed a law that limits the amount of cash in the economy in an effort to fight against dirty money, economic crime and money laundering.

Israel’s government loses “billions of shekels in revenue every year” because of under-the-table cash transactions, the Tax Authority said on Tuesday.

The World Bank in 2010 said Israel’s so-called shadow economy was equal to 22 percent of economic output. Israel produced about $366 billion in 2017, which would mean the economy loses out some $80 billion.

The new law imposes a limit of 11,000 shekels ($3,197) on cash transactions made to businesses, which could be further more at Reuters