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Cyprus’ Casino Cash Controversy: Money Laundering Concerns And Political Divisions

by News Editor

April 3, 2025

At least 16 cases of suspicious gambling activity at Cypriot casinos have been flagged for police investigation between 2023 and 2024, raising concerns over money laundering risks. The revelations surfaced during a heated parliamentary debate on whether to exempt casinos from the country’s €10,000 cash transaction cap.

According to a confidential memo from the Unit for Combating Money Laundering (MOKAS), the country’s financial crime watchdog, the casino operator Integrated Casino Resorts Cyprus Ltd reported 182 suspicious transactions totaling nearly €480,000 over the two years. The breakdown shows €260,171 flagged in 2023 and €219,896 in 2024.

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Of the 16 cases handed over to police—eight each year—only one has led to enforcement action, though authorities have not confirmed whether charges were filed. Two cases remain under criminal investigation, while three have been linked to existing probes. The remaining 10 cases were connected to other crimes, including illegal immigration.

Global Players Under Scrutiny

MOKAS also detailed the nationalities of gamblers flagged in suspicious cash transactions. In 2023, individuals from Cyprus, Israel, Greece, Syria, Vietnam, China, Georgia, Poland, Korea, and the UK were involved in 34 cash-related reports. By 2024, 10 similar cases featured players from Cyprus, Greece, Israel, Jordan, Syria, Vietnam, Lebanon, and Turkey.

Recent figures presented to the House Institutions Committee revealed that Israeli players gambled €92 million in cash at Cypriot casinos in 2024 alone, while Cypriot players wagered €77 million in cash during the same period, according to reports from local media outlet Politis.

Regulatory Loopholes and Cross-Border Gambling

Legislators are also concerned about a loophole allowing players from Israel, Lebanon, and other Middle Eastern countries to enter Cyprus, gamble in casinos in the occupied north, and declare their winnings at the Republic of Cyprus customs without thorough oversight. A previous parliamentary discussion on March 5 highlighted this gap, adding fuel to the debate over tightening regulations.

Casino Exemption Sparks Political Divide

The debate over casino cash transactions is intensifying as MPs prepare to vote on a proposal to lift the €10,000 cash limit for casinos. The bill, introduced by MPs Nicolas Papadopoulos (DIKO), Marinos Mousiouttas (DIPA), Efthymios Diplaros (DISY), and Andreas Themistocleous, has sparked a sharp divide in parliament.

Supporters, including DISY MPs Demetris Demetriou and Nicos Georgiou, as well as DIKO’s Zacharias Koulias, argue that an exemption is necessary for the gaming industry’s competitiveness. However, opponents—including AKEL MPs Irene Charalambidou and Andreas Pasioutides, along with independent MP Alexandra Attalides—warn that lifting the cap would open the floodgates to money laundering.

Regulators and Critics Sound the Alarm

Attalides has been among the most vocal critics, warning that the proposal would undermine Cyprus’ efforts to shed its reputation as a hub for financial crime. “Cyprus has long been seen as a laundromat for international criminals,” she said in a parliamentary press conference. “This exemption disregards warnings from regulatory bodies and invites more scrutiny from international financial watchdogs.”

She pointed out that the Tax Commissioner, the Central Bank, the Cyprus Bar Association, MOKAS, and the Securities and Exchange Commission all oppose lifting the cash cap.

Attalides also raised concerns about Israeli gamblers circumventing their home country’s 35% casino winnings tax by using Cyprus’ gaming sector. “Supervisory authorities are telling us that we are facilitating tax evasion by foreign nationals,” she noted.

Next Steps: High-Stakes Vote Ahead

The bill is set for a parliamentary vote on March 27. With strong opposition from regulators and certain MPs, the outcome remains uncertain. If passed, critics warn that Cyprus risks international backlash, while proponents argue it could boost the gaming sector. One thing is clear: the debate over casino cash transactions is far from over.

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Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.