In a tense session, the Cyprus House of Representatives passed an amendment to the Law on the Prevention and Combating of Money Laundering, allowing cash transactions exceeding €10,000 in casinos under specific conditions.

The bill was submitted by MPs from DIKO, DISY, and DIPA, along with former ELAM MP Themistocleous.

It was approved by 26 MPs from the three parties, EDEK, ELAM and independent MP Andreas Themistocleous, while 16 voted against, including AKEL, the Greens, and VOLT MP Alexandra Attalidou.

DISY MP Dimitris Dimitriou abstained from voting, while DIKO MP Zacharias Koulias voted in favor of the bill article by article but voted against the bill as a whole.

>>Cyprus Authorities Warn: Casino Cash Limit Exemption Poses Serious Risks<<

Under the new law, cash transactions over €10,000 are now permitted in casinos and related establishments. However, individuals entering Cyprus with the intent of conducting such transactions must declare the cash amount upon entry, and a copy of the declaration must be submitted to the casino operator before any transaction.

During the plenary debate, DIKO President Nicolas Papadopoulos supported the exemption, arguing that failing to accommodate high-value cash transactions pushes gamblers to casinos in the occupied areas, harming the economy of the Republic of Cyprus.

Independent MP Andreas Themistocleous echoed this, noting that regulatory obstacles could hinder the casino’s economic potential. He cited cases of Israeli visitors needing fast transactions due to short stays and criticized the state’s inconsistency in addressing illegal casinos in the north.

On the other side, AKEL MP Irene Charalambidou warned that the amendment defies the majority of supervisory authorities, which have expressed strong opposition. She predicted that the EU will not exempt casinos from AML oversight in its 2027 regulations and accused the current House of opening a "dangerous loophole" that may soon need to be reversed.

Independent MP Alexandra Attalidou called the proposal unconstitutional, suggesting it undermines the rule of law and facilitates tax evasion and money laundering. She questioned the justification involving Israeli clients and said the proposal tarnishes Cyprus’s commitment to transparency.

DISY MP Onoufrios Koullas accused opponents of populism, defending the proposal and pointing out that banks and investment funds are already exempt from cash limits. He insisted that DISY had previously led efforts to close AML gaps.

AKEL MP Andreas Pasiourtides expressed shock that DISY, which recently backed anti-money laundering reforms, would propose such an exemption. He emphasized that the risk lies in money laundering, citing concerns raised by MOKAS and the Tax Commissioner.

DIPA President Marios Garoyian argued the casino is regulated, pays taxes, employs Cypriots, and represents a legitimate investment. He warned that amending terms previously agreed with investors could lead to legal action and damage investor trust.

EDEK President Marinos Sizopoulos acknowledged potential money laundering risks but stressed the need to honor state commitments to investors. He proposed that any confirmed violations should prompt targeted enforcement measures rather than policy reversal.