House votes in casino exemption from €10,000 cash restriction

With 26 votes in favor and 16 against, and amidst intense debates, a tense climate and particularly raised voices, the House Plenum approved the proposed amendment to exempt casinos in the areas of the country controlled by the Republic of Cyprus from the restriction on cash transactions for amounts over €10,000.

By voting in favour of the bill, the Parliament corrected the distortion created in the operating environment of casinos created by the law it passed last December and concerned this specific restriction, which has the effect of harming casinos’ competitiveness against establishments in other countries, and also pushing a significant number of high-value tourists towards the casinos in the occupied countries.

The bill, which amends the Law on the Prevention and Combating of Money Laundering, to allow cash transactions of over €10,000 euros at casinos, under specific conditions, was submitted by members of Diko, Disy and DiPa, as well as independent members of parliament.

26 MPs from the three parties, EDEK and the independent MP Andreas Themistocleous voted in favour, while AKEL, the Movement of Ecologists – Citizens' Cooperation and the independent MP Alexandra Attalidou voted against (16).

Obligation to declare cash

With the passage of the ammendement cash transactions above the limit of €10,000 are permitted in casinos and related stores.

The obligation to declare cash upon entry into the country is added for those who intend to carry out transactions above the limit.

A copy of the declaration must be presented to the casino manager before the transaction is executed.

The amendment aims to facilitate high-value transactions in the gambling sector, while maintaining control mechanisms to combat illegal money laundering.

(Source: InBusinessNews)