11 December 2024, 12:14

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A limit on the amount for cash payments has been introduced

A limit on the amount for cash payments has been introduced
A limit on the amount for cash payments has been introduced

Transactions worth more than 10,000 euros using cash are now illegal. Punishment – ​​up to imprisonment.

Fine – up to 10% of the amount

The law was passed by parliament on December 5.

24 votes for and two against. The new rule provides for a fine of no more than 10% of the amount paid/received in the form of liquid assets if the transaction amount exceeds 10,000 euros or its equivalent in another currency.

Such transactions cover not only the purchase of goods and services, but also the sale of real estate. In the latter case, in addition to a fine, the court may impose imprisonment for up to five years.

The goal is to strengthen control over money laundering

Liquid assets are cash, marketable securities, goods used as highly liquid funds, prepaid cards.

The law was adopted to tighten control over money laundering and possible financing of terrorist activities. It provides relief from prosecution if liquid assets - other than coins and banknotes - are unavailable due to force majeure.

Over 3.5 years, 120 million euros in cash passed through customs

During the discussion in parliament, it was noted that over the past 3.5 years, about 120 million euros in cash passed through customs. No state department could trace the further path of this money.

Some deputies wondered why someone should have problems with the law if their transaction itself is completely legal. However, these questions remained unanswered.

The text was prepared based on materials from the Cyprus Mail publication

More on the topic:

Residents of Cyprus are against the abolition of small coins. In this, the inhabitants of the island are united with the citizens of Greece and Spain. The rest of the eurozone countries turned out to be less attached to small change. 

On October 26, 2023, the Board of Governors of the European Central Bank met in Athens. They discussed the project to create a digital euro. The cyber wallet is intended to be used for transactions, not savings. 

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