A lot is happening behind the scenes with lobbying in favour of a bill allowing players in casinos to spend more than €10,000 cash at a time, while authorities are calling on the MPs to vote against what they believe is a money laundering opportunity.

The bill is up for voting during Thursday’s plenum, amid a string of letters from the Central Bank, the tax commissioner, banks, the anti-money laundering unit Mokas and the Cyprus Securities calling for it to be thrown out.

Up until December last year, there was no limit to how much cash players could spend, which in 2024 reached €92 million for Israelis and €77 million for Cypriots.

According to data sent to the House by the casino’s administration, this money arrived in Cyprus in suitcases that passed under the nose of the police and customs, Politis reported on Thursday.
The House passed a law on December 5, 2024, restricting the cash spent to €10,000, in a bid to curb money laundering.

December’s bill was proposed by Disy MP Demetris Demetriou.

However, Disy, Diko and Dipa, apparently having been gauged, are now standing in favour of unlimited cash and their MPs are now being lobbied in that direction.

Dipa MP Michalis Yiakoumi refused to sign the bill submitted by Dipa MP Marinos Moushiouttas and it also seems unlikely that Alekos Tryfonides will be voting in favour of lifting the restriction.

Diko MPs should not be taken for granted either, while Demetriou seems to be the only MP from Disy that will abstain and will do so as a matter of principle, as he was the one who proposed the ceiling in the first place.

Akel disagrees with the new bill and will request the postponement of voting to allow for further discussions.

During discussions that preceded the plenum, representatives of the finance ministry agreed with the new bill, saying that the control mechanisms in place at the casino did not allow for money laundering.

However, tax commissioner Soteris Makrides, whose office falls under the finance ministry, said in a letter to the House committee on institutions that his office’s long-standing policy was to restrict cash transactions to a minimum, to avoid tax evasion and money laundering.

Mokas, the Central Bank and the associations of banks and certified accountants all disagreed with the new bill, citing the risk for money laundering.

Meanwhile, the Cyprus Bar Association said exempting the casino administrator from the restriction and not other professionals, such as lawyers, architects or auditors, contradicted the principle of equal protection and treatment, as set out in the Constitution.