A new proposed bill in Cyprus suggests exempting casinos from the €10,000 cash transaction cap but some say this could facilitate money laundering, an activity against which the country has been fighting more intensely.
Cyprus MPs Propose Controversial Casino Cash Exemption
A bill to exempt casinos from the €10,000 (around $10,840) cash transaction limit has sparked intense debate, in Cyprus. Critics condemned the proposal as a desperate “money-grabbing attempt” ahead of the European Union’s stricter regulations on casino revenues set to take effect in 2027.
The bill is presented by MPs Nikolas Papadopoulos (DIKO), Marinos Mousiouttas (DIPA), Efthimios Diplaros (DISY), and Andreas Themistokleous, and it has split lawmakers. DISY MPs Demetris Demetriou and Nicos Georgiou, along with DIKO’s Zacharias Koulias support the proposal. Meanwhile, AKEL MPs Irene Charalambidou and Andreas Pasioutides, along with independent MP Alexandra Attalides, have voiced strong opposition.
Some Speak Against the Proposed Law
In a CyBC radio interview, MP Alexandra Attalides openly criticized the bill, accusing lawmakers of facilitating money laundering. According to her, this would facilitate illegal activities such as money laundering. She stated that Cyprus has long been targeted as a money-laundering hub for criminals and international fraudsters. She called it unacceptable that the proposal had resurfaced before the Institutions Committee, especially after the law had already imposed a €10,000 limit on cash transactions.
Additionally, Attalides pointed out that several regulatory bodies, including the Tax Commissioner, Central Bank, Cyprus Bar Association, Unit for Combating Money Laundering (MOKAS), and the Securities and Exchange Commission, also oppose amending the law. She also cautioned that it would not be beneficial for the country to suffer another reputational blow following previous money-laundering scandals, and there have been a few recently that Cyprus has been involved in.
Others Support the Proposed Bill
According to some supporters of the casino cash exemption, strict cash limits are driving businesses away. This puts casinos in the south at a disadvantage compared to those operating outside of Cyprus’ jurisdiction, especially in Northern Cyprus.
The Cyprus Gaming Authority has defended the industry, emphasizing that stringent monitoring measures are already in place. According to its data, casinos handle approximately 40,000 transactions per month, amounting to €32 million, with 94% of these transactions being in cash.
Cyprus Is Trying to Combat Money Laundering Schemes
The country’s police have forwarded at least 16 cases of suspicious gambling activities at casinos to the police for investigation during 2023-2024. The Unit for Combating Money Laundering (MOKAS) received 182 reports of suspicious transactions from just one casino operator – Integrated Casino Resorts Cyprus Ltd.
Out of these cases, enforcement measures have been taken in one case, although it is unclear whether criminal prosecution has begun. Criminal investigations are still underway in two other cases where there are reasonable suspicions of criminal activity. Three additional reports have been incorporated into ongoing police investigations, while the remaining 10 were linked to other offenses, including illegal immigration.
A MOKAS confidential memo outlined the nationalities of players who raised concerns during due diligence checks. Involved individuals come from countries like Cyprus, Israel, Greece, Syria, Vietnam, China, Georgia, Poland, Korea and the United Kingdom. According to a report in Politis newspaper, recent information shared with the House Institutions Committee revealed that Israeli casino patrons wagered €92 million in cash in 2024 alone. Meanwhile, Cypriot customers placed €77 million in cash bets during the same period.
