FAMAGUSTA GAZETTE – Parliament is set to discuss a proposal to exempt casinos in Cyprus from the law limiting cash transactions to a maximum of 10,000 euros.
The law, introduced four months ago as part of anti-money laundering measures, currently applies to all businesses.
According to Politis newspaper, the casino management has submitted a detailed list to the parliamentary committee, outlining the nationalities and cash spending of customers in 2024.
The report highlights that Israeli nationals topped the list, spending 92 million euros in cash, followed by Cypriot citizens with 77 million euros.
The proposal to exclude casinos from the cash transaction cap has sparked debate, with proponents arguing that the exemption is necessary for the smooth operation of these establishments. Critics, however, warn that such a move could undermine efforts to combat money laundering.