Financial transaction

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.

With the price of gold surpassing all previous records, the “traditional” investment in gold sovereigns, which many Greeks favor, has become increasingly profitable, as evidenced by the surge in transactions involving them.

From the start of the year until the end of September, a total of 35,972 gold sovereigns were liquidated at the Bank of Greece, while 4,662 pieces were purchased.