Minister of Commerce and Industry Khalifa Al-Ajeel has announced a ban on cash transactions for the sale and purchase of cars, effective from October 1.

Under this new regulation, all car sales and transactions must be conducted through banking channels and electronic payment methods only. The Ministry of Commerce and Industry stated in a press release on Wednesday that this measure is part of its efforts to combat money laundering and financial crimes. The ban on cash transactions aims to reduce financial crime and close gaps related to money laundering.