Legislation seeks to remove the €10,000 cash limit on casino transactions in Cyprus
Monday 03 de March 2025 / 12:00
2 minutos de lectura
(Cyprus).- A new legislative proposal seeks to exclude casino transactions from the recently enacted €10,000 cash transaction cap on goods and services purchases.
The bill was submitted to the House this week by Diko leader Nicholas Papadopoulos, co-signed by MPs Marinos Moushiouttas (Dipa), Efthymios Diplaros (Disy), and independent MP Andreas Themistocleous.
The amendment aims to modify Cyprus’ anti-money laundering law, allowing customers to use cash beyond the €10,000 limit in casinos, casino resorts, and satellite casinos.
Proponents argue that the exemption is “necessary for the smooth operation of these establishments“, which are already regulated by the casino operations and control law and supervised by the Cyprus Gaming and Casino Supervision Commission.
Supporters of the bill also said that similar cash restrictions do not apply to foreign casinos, putting Cypriot establishments at a competitive disadvantage.
The measure was partly influenced by cases such as a foreign national caught carrying €400,000 in their luggage, and
revelations that €120 million in cash had circulated through Cypriot airports in recent years.
The €10,000 cash limit was approved by the House following a proposal from Disy MP Demetris Demetriou, extending restrictions on cash transactions to businesses selling goods and services.
Categoría:Legislation
Tags: Sin tags
País: Cyprus
Región: EMEA
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