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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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Tourism Recovery And Expansion: Larnaca Poised For New Growth

by THEFUTURE.TEAM

January 6, 2026

Strong Momentum Ahead Under Cyprus EU Presidency

Larnaca celebrated its most successful tourism season in recent years and is gearing up to build on that success in the coming year. With the added advantage of Cyprus holding the EU Council Presidency during the first half of the year, industry leaders are confident that the city’s tourism performance will soar even higher.

Robust International Inflows and Market Shifts

Marios Polyviou, Chairman of PASYXE Larnaca, highlighted notable increases in visitor arrivals from Israel, Poland, and Germany, while growth from the United Kingdom remained more modest. “Early indicators for this year are positive, with progressive booking trends that suggest 2026 will also mark another successful tourism season,” Polyviou noted. His remarks underscore strong optimism within the local industry, laying the groundwork for a continued upward trajectory in visitor numbers.

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Impressive December Performance and Strategic Outreach

Following the trend of recent years, December saw hotel occupancy rates climb to approximately 70%, a significant performance boost over 2024. The sustained uptick in demand was evident in the days leading up to the New Year, with both international and local tourists—particularly Cypriot visitors drawn by attractive hotel offers—bolstering occupancy figures. Leading markets include not only Germany and Israel but also the Scandinavian countries and the United Kingdom.

International Promotions and Forthcoming Exhibitions

Local tourism authorities are currently focused on the international stage, preparing for participation in major tourism exhibitions. PASYXE and ETAP Larnaca will showcase Larnaca’s offerings at the upcoming Berlin exhibition, one of the largest alongside London’s event. This campaign will be further amplified through targeted social media outreach, reinforcing the city’s reputation as a top tourism destination.

Ambitious Hotel Developments Fueling Future Growth

Looking ahead to 2026, two significant hotel projects are set to transform Larnaca’s hospitality landscape. One is a boutique hotel in the heart of the city’s Agios Lazarou district, and the other is the luxurious Palm Beach development, valued at €100 million and scheduled for completion by October 2026. This mixed-use project will encompass a five-star hotel with 164 rooms, upscale ground-floor residences, a tower of apartments, diverse dining and entertainment facilities, a wellness center, modern conference spaces, and underground parking. The portfolio also includes the Waterfront Residence—a four-story building with 20 apartments—as well as the Seabreeze Tower, a ten-floor residential building behind the hotel, and The Beach House Residences featuring luxury villas.

Expanding Hospitality Offerings

According to data from the Larnaca Regional Administration Authority processed by ETAP Larnaca, an additional 27 tourism units, predominantly through the conversion of existing buildings, are expected in the coming years. When combined with the two new hotel projects, these developments will contribute nearly 900 additional beds to the region’s portfolio, reinforcing Larnaca’s position as a burgeoning tourism hotspot.