Cyprus considers raising €10,000 cash ceiling for casino exchanges with new proposal.

A new legislative proposal has been introduced to amend the recently enacted €10,000 cash transaction cap on goods and services purchases, specifically excluding casino transactions from this restriction.

Legislative Proposal Details

The bill, presented to the House this week by Diko leader Nicholas Papadopoulos and co-signed by MPs Marinos Moushiouttas (Dipa), Efthymios Diplaros (Disy), and independent MP Andreas Themistocleous, aims to modify Cyprus' anti-money laundering law. This amendment would allow customers to use cash beyond the €10,000 limit in casinos, casino resorts, and satellite casinos.

Supporters' Arguments

Advocates of the proposal argue that this exemption is crucial for the smooth operation of these establishments, which are already subject to regulation under the casino operations and control law and oversight by the Cyprus Gaming and Casino Supervision Commission.

Furthermore, supporters of the bill highlight that foreign casinos do not face similar cash restrictions, placing Cypriot establishments at a competitive disadvantage.

Background on Cash Limit

The €10,000 cash limit was initially approved by the House following a proposal from Disy MP Demetris Demetriou, extending cash transaction restrictions to businesses selling goods and services. This decision was influenced in part by incidents such as a foreign national being apprehended with €400,000 in their possession and reports of €120 million in cash circulating through Cypriot airports in recent years.