Cyprus: Clampdown on Cash Payments of €10,000 and Over Imminent

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Focusing on keeping the Cyprus legislation in accordance with the EU Directive on restrictions on payment in cash, the House of Legal Affairs committee decided to set a €10,000 limit in circumstances of cash purchase of vehicles, precious stones and metals, works of art and antiques.

This is due to be included in the bill against Money Laundering and terrorism financing in order to ban any future cash transaction for goods to a maximum of €10,000.

The discussion on this matter will continue in the next few weeks, aiming to be voted next month while AKEL’s MP Mr Damianou expressed his concern over the products targeted and also for the limit of €10,000.