Cyprus Mail 23 December 2024 - by Jean Christou
The House ethics committee on Monday unanimously accepted the referral by the president of a law passed on December 5 to limit large cash transactions.
The issue will now be tabled for a vote at special session of parliament before the day is out.
The law referred by President Nikos Christodoulides was passed following a legislative proposal by opposition Disy MP and Chairman of the committee Demetris Demetriou.
It aims at adopting certain provisions of European Regulation (EU 2024/1624) on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, according to which persons trading goods or providing services may receive or make payment in cash only up to the amount of €10,000 or the equivalent in national or foreign currency.
However, it went unnoticed during the first vote that the EU regulation would not come into force until 2027.
At its extraordinary session on Monday, the ethics committee decided to remove the reference to the European regulation from the law and to forward the specific amendment for a vote to the plenary.
The law will then come into effect immediately.
