The obligation to declare cash available when entering the country for those who intend to transmit over the limit.
In a tense climate, the House of Representatives voted the amendment of the law to prevent and combat money laundering, allowing transactions of more than 10,000 euros in casinos under specific terms.
The law proposal was tabled by Members of the Democratic Party, the Democratic Alarm and the Democratic Party as well as independent MPs. 26 MPs of the 3 parties, EDEK, and Independent Andreas Themistocleous, while AKEL, Ecologists and Independent Alexandra Attalidou voted (16).
The law enacted the laws of cash above 10,000 euros in casinos and related stores.
The obligation to declare cash on the country for those who intend to transactions above the threshold is added.
The copy of the statement should be submitted to the casino administrator before the transaction is executed.
The modification aims to facilitate high -profile transactions in the gambling sector, while maintaining control mechanisms to combat illegal money movement.
During the debate in plenary, DIKO President Nikolas Papadopoulos supported the need to exclude casinos from the € 10,000 threshold on cash transactions, stressing the impact it has on the Cypriot economy.
In this way he said that the economy of the Republic of Cyprus is being strengthened and not the occupied.
“Whether we like it or not, these players prefer to deal with cash. If they do not do it in the legal casino, they will do so in the occupied territories, “he said.
Independent MP Andreas Themistokleous said that in order to deliver the casino as expected for the economy, there should be no problems blocking in this direction. He referred, as an example, to customers from Israel coming and playing, and the next morning they have to depart.
He also said that while we want to impose arrangements, we turn a blind eye to casinos in the occupied territories. Mr Themistokleous said that the correction proposed should have been done beforehand and invited everyone to lift themselves up.
MP Irene Charalambidou of AKEL referred to the positions of DISY President for postponement to hear the views of the Supervisory Authorities and noted that these views were deposited and the majority are perpendicular to the opposite.
He said that this plenary is going against these views, it goes to open a big hole “for the retsinia to stay” and will be called upon to undo its proposal in 2027 when the EU itself, recognizing that casinos is a source of laundry, would not exclude them from control. He called on DISY and those who will vote in favor to take responsibility for the first case.
Independent MP Alexandra Attalidou said she was amazed at her colleagues submitting such a proposal, instead of shielding our homeland in laundering and as a rule of law, legality and transparency. He was asked about the argument for Israeli clients who “make it easier for tax evasion” and argued that this proposal is unconstitutional and opens a “arch” for rinsing.
DISY’s Onufrios MP said that Irene Charalambidou seems to have a personal persistence with his party’s president and explained that it would be a mistake to say what DISY would vote before the parliamentary group met. He replied to the criticism that he was opening a hole in the rinsing, saying that it is his party that closed this hole and charged with colleagues of populism.
MP Andreas Passiourtidis of AKEL said that he was surprised to see the deposition of this proposal by DISY when another DISY proposal was voted on for the rinsing. He said that the essence is not the casino as a business, but the combination with the risk of dirty money laundering and this is what the Mokas and the tax registration say.
He referred to the warnings of other supervisory authorities for the name and reputation of our country and recalled the “rebranding” cited by this government.
Marios Karogian, president of DIPA, said the casino has supervisory authorities, pays taxes, employed Cypriots, is an investment for the economy, and attributed to some of his colleagues. He said that some terms had been agreed when it was a casino to be competitive, like other EU countries.
DIKO’s Chrysis Pantelidis MP said that impressions were trying to make an impression and reminded that the proposal excludes the casino by the summer of 2027 and in order to avoid unfair competition from other countries.
He said that the EU itself would implement a regulation in 2027 and therefore considers that by then “heaven will not fall into our head”. In order to invoke institutions and supervisory authorities, he said that they certainly disagree to facilitate their own work and mission and questioned why the National Gaming and Casino Supervisory Authority is not heard.
Marinos Mousoutas MP of the DIPA said it was reprehensible to launch characterizations against those who will vote in favor. There have been oppresses as EU countries and others, which have no restriction, are corrupt.
DISY MP, Efthimios Dpiros, stressed that banks and investment funds are already excluded from the limit of using cash.
He said that some were deliberately delayed the operation of the casino because there were illegal casinos. He noted that today the legal casino created by state incentives brings tourism, jobs and revenue of 50 million euros to the state
In addition, it argued that Cyprus applied European money laundering legislation 2.5 years earlier than other EU countries.
He added that investors others signed with the state and others would be called upon to address wondering if there has ever been a complaint of rinsing through the legal casino.
EDEK President Marinos Sizopoulos stressed that the European Union is providing a time for the implementation of the new legislation by June 2027, as in all countries.
He said that money laundering can be done in various ways, even now through the casinos, but pointed out that the state’s credibility in its investment commitments is critical. He noted that an agreement between the state and the investors must be respected so that any deviation does not become a negative precedent for future investment. He suggested that, if rinsing were found, interventions to combat them were found.
DISY MP Nikos Turnaritis defended the party’s stance, stressing that the Republic of Cyprus is the only state that implemented European regulations two years earlier than everyone else at the initiative of party MP Dimitris Dimitriou.
“If we had not submitted this proposal, we wouldn’t be here today,” he said. “Instead of thanking us, they complain,” he said.
Referring to the competitiveness of the Cypriot casino in relation to other countries, he stressed that if there is no exception, the Republic of Cyprus and its casinos will be at a disadvantage compared to other EU countries.
SOURCE: KEPE