Cyprus caps large cash transactions

Cyprus lawmakers have taken a significant step in tackling money laundering and illegal activities by approving a proposal to limit large cash transactions. The law, passed with 24 votes in favor and two against, amends the current Law on the Prevention and Combating of Money Laundering.

The new law aims to restrict cash payments for goods and services to a maximum of 10,000 euros or the equivalent in other currencies. This limit also applies to the purchase and sale of property. If violated, individuals could face hefty fines or even a five-year prison sentence for conducting business transactions or making payments in cash above the set limit.

In addition to cash, the law also targets cash equivalents like bearer negotiable instruments, highly liquid goods, and prepaid cards. The idea is to tighten the screws on money laundering and terrorist financing, aligning...