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
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