Volt Cyprus and the Movement of Ecologists-Citizens’ Cooperation both issued statements on Friday condemning the proposal, which they say is being fast-tracked through parliament despite objections from financial regulators and supervisory authorities.

The Greens noted that the bill has drawn criticism from supervisory and regulatory bodies, including the Unit for Combating Money Laundering (MOKAS), the Central Bank, the Tax Department, the Cyprus Bar Association, and the Securities and Exchange Commission.

Volt parliamentarian Alexandra Attalides highlighted that Cyprus has already been internationally flagged for transparency issues and money laundering concerns, arguing that this exemption would further compromise the country’s image and raise additional legal and ethical questions.

“The choice to serve economic interests at the expense of transparency and good governance is unacceptable,” Volt’s press statement said, calling on all political forces to support sound management, equality before the law, and Cyprus’s European commitment to transparency.

On their part, the Greens described the proposal as undermining transparency principles and contradicting Cyprus’s European obligations, noting it sends the wrong message to society in a country that has already “paid a heavy price for corruption scandals and practices of tolerance.”

The party also referred to recent reports confirming extensive money laundering through casinos in the occupied areas of Cyprus, with cash reportedly moving uncontrolled through crossing points into government-controlled areas.

“The problem is not solved by deregulation in the government-controlled areas. It is solved by strengthening controls, respecting legality, and full compliance with international practices,” the Movement of Ecologists-Citizens’ Cooperation stated.

Both parties have urged parliament to reject the proposal. “The proponents of the legislative proposal should explain why an operation involving a huge volume of financial transactions should be exempted from rules that apply to everyone else,” the Greens said.

The proposed exemption comes despite a forthcoming European regulation set to take effect in 2027 that will impose strict limitations on cash use to prevent money laundering and tax evasion.