The circulation of black money in Cyprus has reached uncontrollable levels in recent years.

The public is well aware of it. The government, state officials, and various authorities know it too. Even the market itself acknowledges it.

The only ones who refuse to acknowledge it are those who continue to perpetuate the myth of a fully sanitized economy on the island.

Steps have been taken, but leaps forward are needed.

The recent legislative proposal to set a €10,000 cap on cash payments and receipts, introduced by MP Demetris Demetriou, is a legislative step in the right direction. This proposal must encompass all sectors of the economy, including the real estate market, which is likely to be the most resistant to the law.

Political parties that recognize where the public interest lies, along with the island’s healthy business community, must support this proposal. In particular, the healthy players within the domestic real estate sector should not only endorse the law but also actively participate in the effort to see it officially enacted.

Of course, this alone is not enough. Inspections must be intensified, and regulatory authorities need to be equipped with the tools, resources, and manpower necessary to enforce the law. All stakeholders have a role to play in cleaning up the Cypriot economy and transitioning it to a serious, structured, and transparent economy.

The legislative proposal for a cash transaction cap is a solid step forward. The opposition will be significant, but the public interest demands the support of all.