01 Dec 2017
By Elias Hazou
Parliament will soon be voting on a bill banning cash transactions of €10,000 and over.
Once passed, the law would make any cash-based transactions over €10,000 a criminal act, with fines of up to 10 per cent of the value of the transaction.
Simply stated, a legal purchase of a good or service over that amount will need to be done with plastic or mobile money.
Giorgos Georgiou, chair of the House legal affairs committee, said on Thursday that an amendment has been made to the original bill tabled by the government, so that the €10,000 cash ban here would apply only to certain goods or services that are deemed “more vulnerable” to potential money laundering activities.
These would include precious stones, precious metals, motor vehicles, art works and antiques.
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